The former striker was afforded the dedication in 2004 by ex-chairman Freddy Shephard, but the title was pulled down on Wednesday afternoon and will be renamed 'Nine'.
The move conicided with recent criticism from the 42-year-old regarding the appointment of director of football Joe Kinnear and the following gaffe-ridden fall-out, but Shearer acknowledges he has no hold over the establishment.
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"It is their ground and it is up to the owners what they do with it. It won’t stop me from buying my season tickets and supporting the team."
Finance director John Irving says he has since "liased" with Shearer regarding the rename, and blamed increased competition for the change of direction.
"We have liaised directly with Alan to keep him abreast of the plans, which he has been appreciative of, and we're looking forward to launching Nine next month," Irving said.
"Its popularity has dwindled over the years as this part of Newcastle has developed and new bars have opened around it.
"In transforming the site and opening the bar to a wider range of visitors, it was important a new name remained in-keeping with our history and heritage."
Newcastle will hold an auction to raise money The Alan Shearer Foundation for disabled families in the area when 'Nine' is opened in July.