Liverpool beat Newcastle 4-2 at Anfield on Monday evening, a result that moves the Reds three points clear at the top of the table.
The game wasn't short on drama either, Liverpool making life unnecessarily complicated for themselves despite dominating the Magpies from start to finish.
One moment of controversy came towards the end of the game when Diogo Jota was awarded a penalty after being tripped in the box by Newcastle goalkeeper Martin Dubravka.
The Liverpool striker rounded the Slovakian and looked set to tap into an empty net, but instead went to ground and was awarded a spot-kick.
However, despite there being contact on Jota's ankle from Dubravka, Shearer took to social media to vent his frustrations, alongside fellow Match of the Day pundit Ian Wright.
Shearer posted on X: "What a great dive that is," followed by three laughing emojis.
Former Arsenal striker Wright also posted on X, saying: "Would rather go down for a penalty than put the ball in an empty net! Seen it all!"
Shearer then quoted Wright's post, writing: "F***ing embarrassing."
Shearer was not the only person in the Newcastle camp annoyed by the penalty call, with Magpies boss Eddie Howe criticising both penalty decisions after the final whistle.
"I'm still confused over the penalties we conceded today," said Howe. "I thought the second one especially looked not like a penalty and we had one [a penalty claim] before that moment which was probably the turning point in the game."
Monday's defeat was Newcastle's seventh in their last eight games in all competitions, the Magpies still without a victory at Anfield in the Premier League since 1994.
Meanwhile, Liverpool have cemented their place at the top of the league table, and, given they managed a record-breaking xG of 7.27, ran out worthy winners on New Year's Day.