Newcastle owner Mike Ashley has publicly backed his manager but reports have circulated that Ashley is giving serious consideration to Allardyce's position.
Shearer Would Get FA 'Dispensation' If He Took Over Toon!
Allardyce has yet to win over large sections of the support, something that would not be of concern for Shearer, who is - along with Jackie Milburn - the biggest Geordie legend in the club's history.
Shearer has already indicated recently he would be interested in managing his home-town club, even though has been linked with the role in the past and turned down the job.
The former England forward does not hold the required professional license qualification but has attended a number of coaching courses since retirement, whilst fulfilling his media commitments as a BBC pundit.
Shearer would be given similar dispensation to Avram Grant, who does not yet have the mandatory certificate, or Shearer's former England colleague Gareth Southgate who was given extra time to complete the requirement whilst managing Middlesbrough.
There have been suggestion that some players are unresponsive to Allardyce's training techniques and one Sunday newspaper reports a "rift in the camp".
Allardcye's future will not be decided on Wednesday with the visit of Arsenal ... so long as the team produces a resonable performance again the high-fliers ... but he will be placed under scrutiny again on Saturday when Alex McLeish's Birmingham City visit Newcastle.