Shearer has been linked with a return as boss should local businessman Barry Moat complete a takeover of the club. For now the team are being led by Chris Hughton, who is still regarded as caretaker manager but could sign a permanent deal in the near future.
Shearer told the Sunday Mirror: "I would still like to be the manager of Newcastle again one day. If the situation came around and everything was right and in place then without a doubt I would love to give it another go. But that's not up to me."
He added: "It's not just a job at Newcastle, though, because if the right post came along somewhere else I would definitely look at it too.
"I would love to go back (to Newcastle) but let's make this clear: I'm not connected to any bids. And nobody has said to me, 'If I get in and buy the football club I want you to be the manager'."