The former striker admits he would be willing to talk to the club's owners if approached but has not spoken to the Championship side as they look to replace Steve Kean
Speaking on the BBC's 'Football Focus' programme at lunchtime on Saturday, Shearer said: "I've not spoken to the Blackburn owners. If they approached me I would speak to them."
The Blackburn job is currently vacant after Steve Kean left on September 28 claiming that his position as manager had become "untenable" following talks with the club's owners, the Venkys.
The former England striker, who scored 30 goals in 63 international appearances for the Three Lions, has previous management experience with Newcastle. However, during his tenure the Magpies won only one game in eight and were relegated from the Premier League at the end of the 2008-09 season.
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Rovers currently sit in fifth place in the Championship, just three points behind league leaders Cardiff after having lost just once this season at Ewood Park to Middlesborough on September 21, Kean's last game in charge.
Shearer's comments come a day after former Sweden and Celtic striker Henrik Larsson distanced himself from the post.
"I haven't had any contact with any other club at this point," the current manager of Swedish side Landskrona told reporters.
"I don't know how that rumour with Blackburn came up, because I don't have any connections to the club."