According to BBC Sport, McClaren was approached by Newcastle to take charge of the team for the final three Premier League games of the season.
John Carver is the current head coach of the Magpies, but under him the team have lost their last eight league matches and are just two points above the relegation zone at the moment.
Newcastle legend Shearer has now given his take on McClaren’s refusal, saying that it was right of the former Nottingham Forest and Middlesbrough manager to do so.
"No, I don't think it would have,” the 44-year-old told BBC Sport when asked if McClaren would have made a difference at St. James’ Park.
“It’s a very difficult club to manage under the current circumstances. The best players are sold. We know Newcastle are a selling club now.
“You can't continue to sell your best players and hope to achieve something. We all know the ambition is to finish mid-table, which is hard for fans to take.”
Newcastle are one of the biggest clubs of England, but the situation at St. James’ Park at the moment is dire.
Perhaps McClaren’s arrival would have brought a breath of fresh air, but the Englishman would not have had time to know and understand his players.
While Carver has been criticised for Newcastle’s poor performances over the past few weeks, one needs to remember that it is the players who are not playing well.