JANUARY 18 2008 17:43h
Shearer retired as a player in 2006 having become Newcastle's all-time record scorer with 206 career goals.
Keegan, back in the job he left 11 years ago, famously paid a then world record fee of 15 million pounds ($30 million) for Shearer when he bought him from Blackburn Rovers in 1996.
Shearer retired as a player in 2006 having become Newcastle's all-time record scorer with 206 career goals, and has said this week he loves the club and would be happy to do anything to bring it success in the future.
Asked if Shearer could follow him back to St James' Park, Keegan said on Friday there could be a role for him.
"I haven't spoken to him yet, but I would love to have him back. Yes, I will talk to him, there is no doubt about that," Keegan added.
He also stressed he had still to evaluate all his coaching staff and had made no decisions yet about who will assist him as he attempts to turn Newcastle United into a force again.
"I am under no pressure to do anything immediately. I will look at who is here but I won't hesitate to bring anyone in if I think we need them."
The 56-year-old, dubbed "King Kev" and the "Geordie Messiah" by adoring fans, has returned from a three-year spell out of the game since leaving Manchester City to take over for a second time, having achieved cult status at Newcastle during his first spell as manager from 1992 to 1997.
"It's definitely the only club I would come back for," Keegan, also a former England manager, told a news conference.
"This club doesn't scare me, the job ahead doesn't scare me.
"I'm the best-qualified person to come here and do this job. Every time the job comes up there is a bit of envy. You think 'that could be me'. That's how I felt every time the job came up.
"I left because of circumstances last time, because I didn't think the club was going where I wanted it to."
Keegan replaces Sam Allardyce, who lasted just eight months in the job. He began work on Thursday and takes charge of his first match against Bolton Wanderers in the Premier League on Saturday.
Like Allardyce, he has asked for time to turn the club's fortunes around. Unlike Allardyce, who was in the job for only 24 matches, he is likely to get it having signed a three-and-a-half year contract this week.
"I would ask the fans to be patient. It is possible for this club to win something. The weight of expectation from the fans is huge, but that doesn't worry me."
Newcastle are lying mid-table, just six points above the relegation zone, but Keegan believes he can make them challengers for silverware again.
"(Owner) Mike Ashley said he wants to win something," said Keegan, who came close to winning the league title last time.
"That might sound a tough challenge but it's possible to win a cup here and possible for this club to break into the top four.
"Despite the sceptics we did it once before, people laughed but we nearly did it.
Club chairman Chris Mort said Newcastle were just as delighted to have Keegan back in charge as the man himself was to be back.
"We interviewed the Portsmouth manager Harry Redknapp for the job, but could not believe that Kevin would also be interested. We are delighted he is back," Mort said.