The ex-England skipper has quashed rumours that Owen's career could be over as he himself suffered a very similar injury during his time at St James' Park.
Shearer: "Yes, the injury is a long one but Michael will recover all right. To say his career is threatened or he'll lose his pace is just scaremongering.
"Michael need look no further than myself. I suffered a similar injury in 1993 when medical help wasn't so advanced as it is now and I played on for another 13 years. It took me seven months to get back, but I made it and so will he.
"He'll be in the very best of hands, will have his operation, and then begin the long recovery. I've spoken to him a couple of times and of course he's down, but he's strong mentally and that will stand him in good stead.
"I knew instinctively it was a bad one the way his leg went and the way the knee was wrenched," admitted England's former skipper.
"It was such an innocuous situation - no one was near him - but they can be the worst. I was all by myself when I shattered my ankle and everything else at Everton. It was the worst injury of my career and this will be Michael's worst."