The Reds are off to an indifferent start in the Premier League, with just three wins from their first seven matches, and currently sit seven points back of leaders Manchester Untied and Manchester City.
Asked by bookmaker Coral which team had left him feeling underwhelmed this season, Shearer responded: "Liverpool. Going forward, creating chances, they haven't scored enough goals.
"And defensively they've been as poor as ever. Nothing has changed from last season.
"I was at the game when they played Newcastle. Same old problems defensively, had a lot of the ball in the first half and should have killed the game off.
"One great goal from [Philippe] Coutinho but other than they were poor going forward.
"They've got no chance of winning the Premier League playing like that."
Liverpool's defence has been at fault for several poor goals this term, and Shearer believes manager Jurgen Klopp has not done enough to fix an obvious problem from last season.
"I know they got into the top four last season and got Champions League, which was a success," Shearer said.
"But one of their problems last season was conceding too many goals. And nothing has changed from last season to this season.
"[Klopp] constantly rotates the goalkeepers, which cant be helpful for the defenders.
"And the defenders are constantly making mistakes, whether that's from open play or whether that's from set pieces.
"The bottom line is they're conceding too many goals."
Liverpool face a massive early-season test on Saturday when they face rivals Manchester United.