The Foxes currently occupy second spot in the table, seven points ahead of Manchester United in fifth and just two points short of Arsenal at the top of the table.
It’s been a fairy-tale season thus far for Claudio Ranieri’s men, and the opportunity to qualify for next year’s edition of the Champions League couldn’t be any more promising.
Shearer, however, feels they will fall short of a top four place and sees the top six as more realistic.
“A lot of people ask me do I think Leicester can finish in the top four and the honest answer is no. It would be amazing, but I just can’t see it happening. However, a top six finish isn’t beyond them,” he said.
“If Leicester have any ambitions about finishing in the top six or even the top four, then they have to keep hold of Vardy.”
Riyad Mahrez and Jamie Vardy have been the club’s two outstanding attacking talents this season, with the latter jointly topping the Premier League scoring charts alongside Romelu Lukaku
The former Fleetwood Town player epitomises everything which is good about Leicester – playing without fear, chasing down all lost causes and demonstrating such energy and verve.
Leicester’s top four chances may hinge on keeping Vardy beyond January, though players such as N’Golo Kante and Danny Drinkwater are also vitally important and desirable targets for the Foxes’ competitors.