The Sun says Shearer will meet Toon owner Mike Ashley and discuss the way forward following Sunday's relegation disaster.
A source said: "Alan has a good working relationship with Ashley who knows he can't act how he did with Kevin Keegan if the club are to get themselves out of this mess.
"He is taking on board everything Alan is saying.
"Mike knows he needs to be getting on with Shearer far better than previous managers."
Ashley is desperate to sort out the managerial situation and plan for next season's promotion bid.
A backroom reshuffle is also expected with Chris Hughton and Colin Calderwood poised to leave.