Shearer said: “Why would I say that Newcastle will be the only club for me?
“Yes, they are my club and I love them but it doesn’t mean I could never work for anyone else.”
He added: “I couldn’t see myself working at a League Two club.
“But you can never rule anything in or out for good and you can never predict what will happen next in football.
“This time last week we wouldn’t have been discussing Kevin Keegan as Newcastle manager.”