The Magpies are willing to smash their club-record transfer fee in order to sign Berahino before the 11pm deadline, but the Baggies insist they will not sell.
During the summer , Tottenham Hotspur pursued Berahino and saw four bids rejected - with the player also having his own transfer request dismissed by West Brom, before tweeting his frustration at his treatment by the club.
Berahino has started just nine games all season as a result, with Baggies boss Tony Pulis admitting the player’s mental state has been affecting his football.
Magpies record goalscorer Shearer - who netted 206 goals for Newcastle between 1996 and 2006 - has urged Berahino to apologise to West Brom, then buckle down at whichever club he ends up at and prove he is “a smashing kid” and not a “troublemaker”.
Writing in his column for The Sun, Shearer said: “Right now, you hear the name Saido Berahino and think ‘troublemaker’.
“And that’s unfortunate for someone who has overcome the odds to be in the privileged position of being a Premier League footballer.
“The story of his upbringing is incredible as he travelled alone at the age of 10 to England to escape the troubles in his homeland of Burundi which had claimed his father’s life.
“Nobody should appreciate what this game can give you more than Berahino.
“Which is why he needs to put these unfortunate last three months behind him and learn from the experience.
“He threw little short of a hissy fit when West Brom, the club who employ him, refused to sell him to Tottenham.
“The Baggies did not appreciate the valuation Spurs put on a player they rate at £30million.
“That is their right and Berahino should have appreciated that.
“Instead, he told the world he was never playing for the club again and, for the last three months, he barely has.”
Former England captain Shearer is the Premier League’s record goal-scorer, and he admits he remains unconvinced that Berahino is going to turn into a prolific forward.
It’s time for the forward to stop “whinging about their lot” and fulfil his potential though, says the United legend.
Shearer added: “To lose three months (of your career) when you are young and fit enough to play is ridiculous.
“I’m told by people who know him better than me, that he is in fact ‘a smashing kid’, which makes me wonder who on earth is advising him.
“You shouldn’t go through what he has to start making a mess of it at 22. On Saturday against Peterborough in the FA Cup, Berahino reminded us of what he can do with both the goals for the Baggies in a 2-2 draw.
“Today, there is every likelihood he will get that big move he craves, with my old club Newcastle a possible beneficiary if they match Albion’s asking price.
“If that move goes through, he needs to publicly apologise to West Brom fans and Tony Pulis for the last three months.
“Then it is about repairing his reputation.
“That means getting his head down and playing football.
“I remain to be convinced Berahino is a goal-every-two-games No 9 but he can undoubtedly score and has qualities in other areas of the pitch.
“What he must not do is find himself once again in the position he has this season — or anything remotely like it.
“Because football fans do not want to hear highly-paid stars whinging about their lot.
“They certainly don’t want to see them earning a living sat on the sidelines when they should be out playing.”