But is his interest serious enough because he doesn't have the money to buy the club?
Shearer seems to think he can get some high-flyers together, because he met him this week after Freddy declare an intention to buy the club.
Several groups are in talks with the man in charge of the sale, the chairman of Seymour Pierce, Keith Harris, and Shepherd's is one of them.
In common with most of the prospective buyers – reports have also claimed interest from Oman and South Africa – Shepherd has guaranteed Shearer will be named manager as soon as a takeover is complete.
Although Shepherd's interest is known by Ashley, sources have indicated he is not sure who is providing the money needed to meet the £100m asking price.
As a result, the Newcastle board have responded cautiously to the approach and will not move any further until Shepherd is able to provide proof of funds.
That will involve £100m being deposited into an offshore bank account to prove they have the resources to complete the deal.