The newspaper claims Shearer is "even prepared to consider a fresh start outside the Premier League".
The former Toon skipper is obviously no fan of controversial Magpies owner Mike Ashley, and with Chris Hughton now in the manager's hot seat, Shearer has his own future to look at.
In an exclusive interview with the Sunday Mirror last month the 60-times capped Shearer revealed he was “open to offers” from clubs.
Close friends believe he’ll be back working as a boss before the end of the season.
One associate said: “Alan has decided after enjoying his short taste of management at Newcastle that is the direction he’d like to go in.
“He was hurt and frustrated by the way things ultimately ended there, but has bounced back with an enthusiasm and a desire to find another manager’s job.
“The BBC have always been very supportive and sympathetic to his ambition in that direction and, although he has a contract until next year, they wouldn’t stand in his way although they would hope he was available for next summer’s World Cup.”
Hull City are one top-flight club who could soon be looking for a new manager, with Phil Brown under fire.