Hughton was surprisingly ditched by the St James' Park side on Monday following the 3-1 defeat to West Bromwich Albion, despite the club sitting 11th in the Premier League.
GEAR:Up to £10 off Premier League kits with Kitbag. Free delivery on orders over £40
The 51-year-old had steered United back into the top flight as champions last season following their relegation in 2009 and overseen 6-0 and 5-1 home drubbings of Aston Villa and arch rivals Sunderland this term as well as a 1-0 win against Arsenal at Emirates Stadium.
However, a run of five games without a victory since that success over the Gunners proved too much for the Newcastle board.
"It's not good, not good news," said BBC Match of the Day pundit Shearer, who was being interviewed by FourFourTwo when news of Hughton's exit emerged.
Shearer was appointed Newcastle boss in April 2009 in a bid to save the Magpies from the dreaded drop.
But the Newcastle icon - who scored 148 league goals as a player - could only manage one victory from his eight games in charge as manager, with a 1-0 loss at Aston Villa on the final day of the season consigning United to the Championship.
But despite his difficult start to life in the dugout, Shearer admitted that he would be open to a return to management, with some bookmakers already tipping him for a second stint as Newcastle boss following Hughton's departure.
"Despite what happened [at Newcastle] I loved it and if something was to arise again I would seriously look at it," he said.
Written by Gregg Davies, reporting by Richard Edwards
NEWS:Hughton sacked by Newcastle
