Fernandes has won the FA Cup and EFL Cup during his time at United whilst also reaching he UEFA Europa League final in 2021 and 2025 and the FA Cup final in 2023.
The Portuguese international has a real lack of silverware with the Red Devils, despite his incredible performances in recent years.
The 31-year-old turned down a move to Saudi Arabia last summer in favour of remaining at United and has now led the club back to the Champions League.
Having scored eight goals and racked up 20 assists in 34 Premier League appearances, he is by far the most influential player in the squad.
Despite this, as well as his consistent displays in recent years, Shearer spoke to Betfair about how Fernandes cannot be compared with players who have lifted much more silverware.
“There's no doubt United wouldn't be where they are if it wasn't for Fernandes and I think he's stood out in a poor team. They've had a tough time of late over the previous years, but I think what would define him is the trophies he has or hasn’t won with them.
“When you see United greats, when you're comparing him to the likes of Roy Keane, Paul Scholes and David Beckham, these guys who have won the treble and won trophies before that, I'd be reluctant to talk about him being one of the United greats, but that's through no fault of his own. I think he's massively stood out this year and is up for the Player of the Year award.”
Fernandes is closing in on the Premier League assists record, with the 31-year-old currently on 19. Even if he breaks the record, Shearer is unlikely to view him as a club legend due to his almost empty trophy cabinet.