Jimmy Floyd Hasselbaink, Ruud Van Nistelrooy and Thierry Henry are the other contenders.
Henry could miss out for the Gunners against Everton, whislt Hasselbaink - who took the award last season - is struggling with a hamstring problem which forced him to leave the field of play in last Saturday's FA Cup final.
This could leave a straight fight between Shearer and Manchester United's Ruud van Nistelrooy.
Even by his own high standards Alan Shearer has had a tremendous season and it would be marvellous for him if he could end it all with a goal or two tomorrow.
"It's the club where he started his career and I'm sure he will get a great reception at Southampton," said Toon manager Bobby Robson.
"And I'm sure like me the Southampton fans won't mind if we get at least three penalties tomorrow.
Shearer has won the prestigious award on three occasions, twice with Blackbrun Rovers and once with Uniited.