The Aston Villa head coach is under pressure in the Midlands.
Indeed, Sherwood is facing pressure after a run of seven straight defeats at Villa.
And, although he appears to think the coach deserves more time, Shearer says the 46-year-old should be concerned about a lack of public backing from the Aston Villa hierarchy.
Shearer told Match of the Day: "This is a guy who kept them up and took them to the FA Cup final yet all I’ve heard is he could lose his job.
"I’d be concerned if I were him because no one from the club is actually coming out and backing him."
It's a valid point from Shearer and, similarly, there are very few Aston Villa supporters who appear willing to publicly back Sherwood when the manager is seriously scrutinised by others.
And Sherwood just keeps digging a hole for himself. Never mind the poor tactics and woeful selections, the Aston Villa boss appears to be in denial, too.
On Match of the Day, he told his interviewer he didn't hear any fans cheering for him to be gone. That's like saying you didn't hear the tree fall in the woods despite seeing it lying on the ground.