Spurs have gone unbeaten through their last 11 Premier League matches, and there has been talk of them potentially gatecrashing the Champions League qualification places.
With Chelsea struggling badly, a top four spot looks to be up for grabs, and Shearer feels that Spurs have a good chance of taking it – although he believes they face competition from Liverpool.
“I don’t think anyone in football would have said, prior to a football being kicked this season, that Chelsea would not finish in the Champions League spots,” he said.
“It is now a big opportunity for Spurs and Liverpool to try and pick up one of those top four spots.”
Tottenham underlined their credentials to make it into the top four in their latest outing, which they drew 1-1 with north London rivals Arsenal.
Although the Lilywhites were unable to pick up the three points on derby day, they were the dominant side for much of the contest and their display has increased the levels of optimism around White Hart Lane.
Tottenham are currently three points off the Champions League places, but this appears to be their best chance in a number of years to claim a spot in the top four.
Spurs return to action after the international break with a match against West Ham United, who are level on points with them as things stand.