Shearer, the club’s all-time record goalscorer, feels a lack of ambition at boardroom level is “taking its toll” on supporters.
“There is no excitement, no anticipation,” Shearer told the Daily Telegraph. “It takes its toll, even on the most loyal fans in the country.
“Fans want to dream their team can be successful, whether that’s in a domestic cup competition or in Europe.
“Newcastle fans at the minute are showing why they are some of the best around, because they can’t dream. They’ve been told the cups aren’t a priority, that finishing 10th in the Premier League is more important.
“But that’s what fans dream of, a trip to Wembley, of playing in Europe. Newcastle can’t win the Premier League.
“I think they are going at the moment because that’s what they always do. They save their money up all week so they can go to the football match at the weekend.
“It’s a cultural thing. They want to go and they want to be entertained, but they aren’t at the moment.
“I think there are a lot of people thinking about giving up their season tickets.
“I can only talk about my own experience, but I’ve got friends who have paid for a box and they are talking about giving it up.
“Unless the club are going to bring in a load of exciting players in the summer, which is highly unlikely when you look at the way it’s been run, then I think people might look at giving up.”