The start of the season saw expectation levels running high at St James’ Park, but hopes of a challenge for the Premiership title and a run in the Champions League were over by September.
A tame Carling Cup exit and a disappointing FA Cup defeat at Liverpool followed, but even so there is still time for the team to rescue the season.
In an unusually astute interview, Shepherd told The Journal: "I would certainly settle for a trophy and fourth place and I'm sure our supporters would as well.
"I know the UEFA Cup has been criticised in some quarters but it's still competed for by some of the best sides in Europe and if we win it it would be a magnificent achievement.
"We have still got a lot to play for this season and Bobby and the players know the next three months or so are absolutely vital for the club.
"We have a terrific squad of players and, if Lee Bowyer can get himself fit alongside Jonathan Woodgate and Craig Bellamy, it will be like having three new signings for the rest of the season.
"It's annoying because, with a decent start, we would be up there.
"But we always seem to suffer these bad starts and can never quite make up enough points.
"We have lost the same number of games as Manchester United, just five in the league all season, but, where as they have been utterly ruthless and won many games, we have drawn far too many. We need to start winning more games.
"I know that the supporters have questioned Bobby's decision to sell Nolberto Solano but we always stand by him. His record in the past suggests he doesn't get much wrong.”
Fourth place in a poor Premiership field is certainly achievable if we can keep our best players fit, although the January cull has left the squad outside the first-choice 16 looking paper-thin.
As for the UEFA Cup, our away form in Europe is excellent having won four and drawn one of our last five continental trips, so why not?
There are some good teams left in the competition - Inter (wouldn’t it be great to beat them), Roma, Valencia, Barcelona, Celtic, Galatasaray - but the whole point of European competition is the chance to test yourself against those clubs.
Shepherd would not agree, but I’d happily miss out on fourth place in exchange for a UEFA Cup win.