The Gunners remain five points ahead of Manchester City at the top of the table, though they have played one more game.
Speaking to Betfair ahead of this weekend’s north London derby against a struggling Tottenham, Shearer highlighted the need for Arsenal to tighten up if they are to maintain their lead.
"Cracks are starting to show now for Arsenal, and I think because of being 2-0 up and then being pegged back as they were by the team bottom of the Premier League in Wolves it doesn’t look good," said Shearer.
"I pretty much expected this. I never thought they'd run away with it. Very rarely do teams do that, particularly with teams that haven't won it for a long time like Arsenal.
"So, from that point of view, I get it and understand it but that would be a concern, and whether they like it or not, Arsenal probably haven't liked people going on about them bottling it, them chucking it away and the pressure being on them. They probably haven't liked it. Well, they won't like what'll happen in the next few days now, because the noise will get a lot louder.
"There’ll be a lot more of that now because of what happened on Wednesday, and you can imagine how loud it'll be if Tottenham beat them on Sunday as well. But I think for the neutral, it's brilliant. I think it sets up a title race which is going to be exciting between now and the end of the season, but yeah, you would start to think a bit more that cracks are showing for Arsenal, certainly more than what you did beforehand."