Shearer, talking on Match Of The Day, said Keegan is keen to bring the ex-England skipper into his backroom team and Shearer says he will hold further talks about a return to St James' Park next week.
Shearer And Keegan - 'Personalities Would Clash'!
Shearer: "We hadn't spoken for a while and we had a really good evening on Thursday.
"Kevin's forgotten more about management than I know and he wanted to bring me in as assistant.
"But we decided it wasn't right, most importantly for the football club.
"We're very similar people, very opinionated and at times you might need something different in a number two.
"We will speak again this week but it has to be right, not for me, but for the football club.
"I have a role there already as an ambassador, but Kevin is keen to get me into the training ground."