The former forward has called for Olivier Giroud to reach 20 goals this season.
The Gunners are currently joint top of the table alongside Leicester City, having enjoying a strong first half of the campaign.
And Shearer says that if those three can maintain their form, they will be the Gunners a great chance of winning the title.
“All things considered, Arsenal look in good shape in attack as well as at the back,” he told BBC Sport.
“I still think Giroud should score more goals. He is not a world-class striker but he is a very good player who is having a very good season and for the £12m he cost, he has been an excellent buy.”
“Giroud has 12 goals from 22 Premier League games so far - if he can get to 20 this time and Cech and Ozil maintain their form then they will have a great chance of winning the title.”
One player that Shearer doesn’t mention, but is sure to have a big impact in the second half of the campaign, is Alexis Sanchez.
The Chilean has been absent since picking up an injury at the end of November in the draw with Norwich City, and has sorely been missed since then.
However the break is sure to have done him the world of good after a busy year for both club and country, and Arsenal will be hoping he can have aid the previously mentioned three in pushing them to the title.