Chairman Freddy Shepherd revealed the 35-year-old will combine his sponsorship and television work with representing the Magpies around the world for at least the next two years.
Glenn Roeder: "Alan Shearer is such an influence around the place, not just on the pitch, but off it as well. He is a presence in the dressing room before the game and after the game, and we will have to get used to him not being here all the time.
"We won't find another Alan Shearer - we may find another goalscorer, and that's what we have to look for.
"But as far as getting the same person and the same character, it won't happen. But the good thing is that while Alan will be doing a lot of travelling next year with his endorsements, when he is home in Newcastle he will be around the club, he'll be in the staff room and around the changing room.
"I will encourage that and I think he is happy with that because he knows I'm happy with him being around the place. Nobody will be insecure about it. He is a living legend in the eyes of the people up here and I wouldn't want it any other way."