Newcastle had lost seven of their last 10 Premier League matches before they faced Bournemouth at the weekend where Howe failed to turn the club around in a 2-1 defeat to the Cherries.
The side are now in 14th place and the loss to Howe’s former side was an eighth home defeat in 11 matches and a fifth loss in their last six home matches in the Premier League.
The Magpies look far from their best and speaking on the Rest is Football podcast, Shearer believes that Howe could be on the chopping block as the side fail to improve.
"As tough as it is for Eddie, I don't know what is going to happen with him. I listened to his interview afterwards, and I watched him on the touchline and I just think is he going to want to go again? Is he going to get the chance to go again?
“Whether you like it or not. They were terrible. They chucked him under the bus, the players. The performance was c--p from every single one of them.
"It is a tough situation, a tough summer for Newcastle coming up. They have got some big decisions to make. As I am sat here, I don't see Eddie in charge of Newcastle next season, unfortunately.
"I look at his interview after the game, and I am not sure the fight is there. It is a very different club now to the one that he would want to go forward. He doesn't look in a good position."
Newcastle next face title chasers Arsenal, who are coming off the back of two defeats to Bournemouth and Manchester City. Howe has a great chance to pick up points against the Gunners, something which could help save his skin on Tyneside.