Shearer says it was the eagerness of Toon boss Kevin Keegan which eventually saw him seal a a world-record £15 million to St. James' Park.
And it was a decision the Magpies legend insists he wouldn't change.
"I sat down with Kevin Keegan and Sir Alex on the same day," he explained to the BBC. "I saw Keegan in the morning and talks had gone really, really well.
"Then the Man Utd contingent came in. His first question to me was: 'Am I seeing you first or am I seeing you second?' I told him I had seen Kevin in the morning and I won't tell you his words. He said basically I've got no chance, then. He wanted to see me first.
"But I thought the talks went extremely well. I was very impressed with what he had to say.
"I had to go and make a decision. At one point, I was going to Manchester United. But then, I sat down and I got a call from Kevin who asked to see me a day or two later. And I thought: 'You know what, I'm going to go back to Newcastle. It was the club I always supported and wanted to play for.
"I thought: 'I've got to ring him. I rang him but there was no answer. I thought I couldn't leave a message. I rang him again but there was still no answer. I left him a message after the third time and no surprise, I never got a call back!
"I've got no regrets, I'd do the same again."