Newcastle's fate was confirmed after 16 years in the top flight when they were beaten 1-0 at Aston Villa via a first half own goal from Damien Duff.

Shearer conceded that the Magpies had let down the club's vast army of supporters.

But he admitted that over the season Newcastle had "not been good enough" to hold on to their place amongst the elite.

Shearer said: "This is so painful. This really hurts. The second half summed up our season in that it was flat and we ran out of legs.

"But we haven't been relegated because of what happened today. We have gone down because of has happened over 38 games.

"Big changes need to be made at the club, players need to go in, players need to go out.

"But we haven't given our magnificent supporters enough to shout about. We have let them down."

Shearer added: "I came in expecting to turn things around. I take my share of the blame. I thought I could get the right results for us.

"I will sit down with the owners and the chairman sometime this week and give my opinions.

"Have I the desire to stay on? I know you won't believe it but I haven't had the time to sit down and think if that is the right thing for the club.

"But decisions do need to be made sooner rather than later. I will have time now to look and reflect.

"But it is up to these guys (in charge) where they want to go. They do need to decide where the football club is going to head."

Villa boss Martin O'Neill believes Shearer is the right man to lead Newcastle back to the Premier League despite his lack of managerial experience.

O'Neill said: "I know the story today is not about us and I am sorry and have sympathy for Alan Shearer and Newcastle.

"The Premier League will be poorer without Newcastle in it. It is disappointing that they have been relegated.

"I think there will be general disappointment that Newcastle have gone down. I know Alan came in at a very difficult time.

"I think it was the right thing for them to do, whether he had the experience or not.

"I think it will be great if he stays as manager. It will be good for Newcastle and for the game.

"I am sure Alan will reflect on things but I think he can be anything he wants to be. In time he can be a really class manager."