The pair spoke on the telephone on Friday for a "short time" and they are due to hold further talks at the end of next week.
Shearer: 'How I Stand On Newcastle Job!'
Shearer is set to fly out to Uganda as part of BBC Sport Relief in the coming week, something he said was close to his heart and he could not put off.
Shearer: "I've got to ring him when I get back at the end of the week.
Shearer: "I've got to ring him when I get back at the end of the week.
"We didn't get into that (any specific role).
"I'll sit down with him at the end of the week and we'll discuss it and see what's best for everyone.
"He's (Kevin) been that busy. He's gone into the football club, he's got that many staff there, he doesn't know some of their names.
"He had a huge game today, which was far more important than speaking to any individual.
"It'll be experience. Newcastle said they were looking for experience in the first place. They've certainly got that with Kevin. He's been round the block a bit."
Keegan: "If he says to me 'I don't want to be number two' and that is his line then there really isn't any point in having a long conversation.
"I think there is involvement for Alan at this football club and involvement at this moment could be on his terms.
"What a fantastic player to have around the club, to help people with the art of goalscoring and just talking to the players.
"But if you can't be there on a Saturday because you have to do TV work then you can't ever think of yourself as a number two."