As the record goalscorer in Premier League history, Shearer's views carry a lot of weight.
The BBC pundit, who scored 313 goals in 622 career games for club and country, used his latest column on Coral to highlight the superb season Watford are enjoying so far.
But Shearer says the club has not been getting the headlines they deserve and believes it is partly down to the fairytale season being enjoyed by Claudio Ranieri and his table topping Leicester side.
"Another club which should be applauded this season is Watford," Shearer wrote on Coral.
"They are sat comfortably in the league table after being promoted from the Championship. They have had a huge turnover in players over the summer but they have come out and been superb.
"Normally promoted clubs aim to reach 40 points which is usually enough to keep them in the league.
"They are well on course for doing that but are not getting the headlines they deserve because of Leicester’s successes."
Buzzing Hornets will not begrudge Leicester
Even the most ardent Watford fan cannot deny the Foxes - and their star duo Jamie Vardy and Riyad Mahrez - have been the story of the season so far.
But Shearer is right to highlight the excellent job Sanchez Flores is doing at Vicarage Road so far.
In Troy Deeney and Odion Ighalo Watford have a dynamic duo of their own making them tick.
And while some promoted clubs tend to ride their luck or play conservatively in the hope of eeking out a Premier League existence, Watford's points this season have been anything but lucky.
Built on a solid foundation, the Hornets look strong, have bags of pace and a real threat up front.
Whether they can push much higher than their current position is debatable.
But the old cliche that 17th or above is a success for newly-promoted sides still rings true and Watford are doing it in style.
Foxes deserve limelight
Meanwhile, nobody can deny Leicester their day in the sun.
In fact many neutrals hope the Foxes can continue their amazing season and upset the apple cart for the good of the Premier League.
The record breaking achievements of Vardy are inspirational to youngsters and footballers in the non-league.
Mahrez's has arguably been the standout player in the division and both have inevitably been linked with bigger clubs.
For now, though, Watford and Leicester fans can enjoy every moment of watching their sides play.