Manchester City's Carabao Cup victory over Arsenal has thrown a spanner in the works for The Gunners who have seven games remaining in the Premier League to secure the title.
Arsenal currently boast a nine-point advantage over second-place City who also have a game in hand as they desperately try to catch up.
After three second-place finishes in a row, Shearer spoke to talkSPORT Bet Casino about how it would be an absolute travesty to see Arsenal bottle their lead this season.
“I think Arsenal are in a fantastic position. It would be a disaster, make no mistake about it, it would be a disaster if they threw it away now. Yes, Man City beat them in the Cup final.
“They've barely put a foot wrong at Arsenal this season, certainly in Europe, so they probably rightly deserve favouritism, but do you know something?
“In that competition in particular, favouritism counts for nothing, because those top four or five are more than capable of beating each other on their day. And we saw it with Real Madrid who were underdogs against Manchester City and turned them over.
“Arsenal probably at this moment in time deserve favouritism. But believe you me, I think anyone of five could win that. I do. But I would say Arsenal favourites for the league, understandably yes, and I think we're going to win it. Probably.”
Arsenal are set to travel to the Etihad Stadium in April for what is shaping up to be a potential title decider against City.
Mikel Arteta’s side could have the title wrapped up with a win as they aim to end their two decade long title drought.