The Magpies have knocked off Chelsea and Tottenham in the past two weeks and Shearer suggests they can continue to beat the better sides because of the quality of their best XI.
However, the former strike star also feels there will be an element of inconsistency laced in the Magpies' results this campaign.
"That's what Newcastle will do this season. They'll have some great results and they'll have some poor results," he told talkSPORT.
"If you put their first 11 out then they will be a match for anyone because the spine down the middle of [Tim] Krul, [Fabricio] Coloccini, [Yohan] Cabaye and [Loic] Remy, who has started the season in fantastic form, there is not many better than that."
Newcastle currently sit ninth on the league table ahead of their next fixture against Norwich City at home on November 23
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