The 39-year-old former England striker took charge of the Magpies on a short-term deal for the final eight games of last season but was unable to save the club from relegation to the Coca-Cola Championship.

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.

The decision to formally appoint Hughton could signal current club owner Mike Ashley's intention to stay in place for now, which would leave Shearer in limbo as far as the Newcastle role is concerned, and he admits if an offer came in from elsewhere he would consider it.

He 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.

"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'."