"I hope to know more by the end of the week," said Shearer to the BBC.
"I met Mike Ashley and Derek Llambias last week and we discussed at length the future of Newcastle United and my desire to be the manager moving forward.
"I made no demands but there were obvious conditions. We simply proposed an honest evaluation of what was needed to get the club back into the Premiership whilst building solid foundations for the future."
Rumours suggest that one interested consortium will only buy the club from Mike Ashley if Alan Shearer is in charge.
Another former City manager Micky Adams who was replaced as City boss by Iain Dowie now looks favourite for the Port Vale manager's job. A decision from the Vale Park board is also expected this week.