United are willing to smash their own transfer record in order to sign Saido Berahino for more than £20million before the 11pm deadline, and they have already spent £28.5million this month.
Add to that the £52million the club lavished on incomings over the summer, and Newcastle’s spending could pass the £100million mark if they do secure Berahino’s signature from West Bromwich Albion.
With Jonjo Shelvey, Henri Saivet and Andros Townsend having already arrived this month, the Magpies could yet add another three players to their squad before the end of the window.
And Shearer has urged Shelvey, Townsend and Berahino - if the latter does join the other two at St James’ Park - to knuckle down and “consistently deliver” for the Magpies.
Writing in his column for The Sun, Shearer said: “If he (Berahino) does join Newcastle it will take Mike Ashley’s spending to over £100million since the summer and for that he can’t be faulted.
“With the riches on offer next season he has realised that investment is needed to ensure the Toon remain with the elite.
“Of the signings already made by Ashley, £12million man Jonjo Shelvey is another who needs to repair his reputation after a rather messy exit from Swansea.
“And fellow £12million signing Andros Townsend is a player who keeps promising much and now needs to consistently deliver.”