The two are good friends since their Blackburn days when they struck the wager to see who would keep playing the longest. But with Shearer's career now over early due to injury, Newell says he will not be naming himself in the Town squad for Sunday's trip to Burnley.
Newell: "I'd only name myself if it was a real emergency – I wouldn't stand in someone else's way.
"We had a £100 bet about 12 years ago. He's been on at me for about three years for me to send him a cheque, but I've said I'm not paying up because I might still play. I'm not fit enough at the moment, but you never know.
"I've been waiting for him to pack it in for ages. I almost won last year, but now that he's retired I'll be after him to pay up!"