Arsenal's injury prone midfielder Jack Wilshere retained his place among the England squad of 23, and Shearer feels as though Drinkwater was more deserving of his place.
Danny Drinkwater has every right to be disappointed following his England squad omission
"Drinkwater has had a magnificent season," Shearer said. "He deserved to be in the squad. Once again, Hodgson has gone for reputation rather than form and I hope that gamble pays off for him. He's made that decision, he's got to stick by it and let's wait and see now."
Drinkwater should most certainly feel aggrieved at being overlooked for the European Championships. He played a key role in the Foxes' Premier League winning campaign, competing in 35 league games, and chipping in with two goals and seven assists.
His leadership qualities proved pivotal in removing Leicester from tricky situations. He has a never-say-die attitude - a priceless commodity in the modern game - and on the rare occasion the Foxes found themselves in trouble, Drinkwater led by example and lifted the performances of others.
Arsenal's Jack Wilshere has proved to be a favourite of the England manager
Wilshere, on the other hand, played only three times for Arsenal all season, with two of those appearances coming from the substitutes' bench. He is still yet to prove his fitness and is an obvious example of Hodgson choosing players based on reputation rather than merit.
Only time will tell if Hodgson's decision was the correct one.
England manager Roy Hodgson will be hoping he has made the correct decision in regards to his squad selection