The Sunday Sun says Shearer is refusing to walk away from Newcastle - in the hope of Freddy Shepherd buying the club.
Shepherd's move is an all-Geordie affair, with the former United chairman, his brother Bruce and son Kenneth working to raise their own finance.
And, perhaps most significantly, Shearer - who could return to his contract as a BBC pundit at any time - favours a Shepherd takeover above any of the other deals so far mooted for the Magpies.
Having brushed off the talk of him quitting Toon last week, Shearer met the Shepherds on Tuesday for talks which left the one-time England skipper in a positive mood.
A source close to the discussions confirmed that Shearer is warm on the idea of working under his former chairman again, saying: "Alan Shearer is very interested in what the Shepherd camp have to say.
"He would prefer to deal with people he knows, and he knows exactly what he will get from that group.
"But he cannot wait forever, as the BBC will soon want to know if he is going back there."