Shearer spoke following the announcement of Roy Hodgson's provisional squad for the European Championships and highlighted Jamie Vardy and Harry Kane as England's main men.
"There was always going to be a place for the captain and rightly so," he said. "But the days of Wayne being the number one striker are gone. Harry Kane and Jamie Vardy deserve to have their chance up front, but I still think Wayne has a part to play, whether that is in midfield or the number 10 role."
Rooney has only just returned from a lengthy injury lay-off and has been deployed by club manager Louis van Gaal in a midfield role sporadically throughout the season.
The challenge for Hodgson will be to leave out a man who is England's all-time top goal-scorer.
With Vardy and Kane not exactly proven at international level, there will still be calls for the inclusion of Rooney in England's first game of the tournament against Russia on June 11.
The great thing for the national manager is that for the first time in probably two decades, England have genuine strength in depth in forward positions, and the fact that leaving out a man who has scored 51 goals for his country is even an option must surely be a positive as the tournament beckons.