Pogba is a free agent after his contract was terminated by Juventus on Friday. The former Manchester United can return to action in March after having a four-year doping ban cut to 18 months.
"Newcastle look back to their old best after the last two performances and I was impressed with the way the team came from behind at Forest," Shearer told Betfair. "When I look through the side, the midfield is looking like it used to, and we know the injuries Newcastle have at the back, but toward the top of the pitch they may need to look for a striker in January.
"That may depend on if Sven Botman will be ready to play the second half of the season, because he's been out with a cruciate injury for what will be seven months by the time he gets back. If though, he's on time and doing well, then perhaps a centre-half signing may not be a priority.
"Paul Pogba looks to be available next year, but that position isn't one that Newcastle need to strengthen in. They spent £55m on Sandro Tonali who is now back in and available, and they have enough in there with Bruno, Sean Longstaff, Joe Willock, Sandro Tonali and Joelinton, so I wouldn't think that's a position or player Newcastle need to look at."