Sir Bobby and Shepherd are both determined to bring silverware to St James’ Park and are planning to strengthen the squad further in the summer.
"If we get in the Champions League it gives us a bit more financial clout to go out and do it; it helps to get the players in," admitted Sir Bobby.
"The ambition of this club is to continually progress. We are looking at the situation and saying: 'Do we need to be better?'
"You've got to have a balancing act, take a risk, and the chairman's equal to that.
"He wants success and if he can bring a player in he'll do it.
"That might be through wheeling and dealing or by saying we can squeeze another £6 million this summer - or another £15 million because we're in the Champions League.
"But we will be wheeling and dealing, that always happens."
The club have however denied that they have agreed a deal for Brazilian international midfielder Kleberson.