Benitez has a break clause in his contract, which means that he is free to leave St. James’ Park if the Tynesiders drop into the Championship.
However, there have been reports in the Daily Star suggesting that Benitez is keen to stay on at Newcastle - even if they drop out of the top flight.
Benitez reportedly feels that Newcastle is an exciting project, but Shearer doubts whether he will want to stick around if they are relegated.
"I’d be amazed if Rafa was to stay around if Newcastle get relegated," he said. "He’s not going to want to go to go to some of the grounds with his CV and I don’t think anyone could blame him."
Prior to Newcastle’s matches against Swansea and Manchester City it seemed that the North East side were set for the drop.
However, Benitez’s influence on the side seems to be showing through now - and they have improved considerably.
Newcastle have taken four points from their last two matches, to put them back in with a chance of surviving.
The Magpies are now just two points adrift of safety, with their next match coming against Liverpool at the weekend.