He said on BBC Sport: I would say though, he needs fresh players to come in the summer. He needs that opportunity to get a few out, then they need a new set of legs coming in.
There are a lot of players who have certainly not hit the heights of last season, this season - at least four or five of them."
On Howe's future, Shearer said: I think there have been mitigating circumstances. When you talk about the injuries, particularly to (Nick) Pope and Joelinton - those two players have really been missed because they add so much to that team.
But, I know he (Howe) has enough in the bank. He'll be the manager at Newcastle next season no matter what happens, whether they finish mid-table or whether they are able to get a place somewhere in Europe.
"He's got enough in the bank with what he did last season, they've got that belief in him and so they should do."