The former England striker and current Match of the Day pundit says he was 'annoyed, angered and surprised' by last term but is hoping for a better showing this time around.
After a busy transfer window in which Alan Pardew and co. have recruited several new players for the Magpies, Shearer believes the club must be ambitious.
That begins, according to the 44-year-old, by playing an exciting brand of football - and ends with a top-six finish.
“I hope we can play a brand of football that can excite the fans and keep them there week in week out," Shearer is quoted as saying by the Daily Mirror.
“They have spent a lot of money, which we needed to do. We’ve signed some decent players. The proof will be in the pudding.
“We should be aiming for the top six. That should be the ambition. I am sure it is the ambition. But ambition and achievement are two different things.”
Pardew's side began last term strongly but ended the campaign in 10th place after a run of dismal results towards the end of the season.
The likes of Siem de Jong, Jack Colback, Daryl Janmaat, Remy Cabella, Emmanuele Riviere and more should add greater depth to Newcastle's squad, however, ensuring that doesn't happen this time around.
But the Magpies face a stern test in their Premier League opener, as they host Manchester City at 4pm. Newcastle opened their league campaign against City last season, being beaten 4-0 at the Etihad Stadium.