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Following the end of her two terms, Shearer joined the retired board members' advisory committee.
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Shearer said: "I have no worries about Newcastle being relegated "They added a lot of extra quality in January and they have a strong squad now so they will be fine.
Former Newcastle United star Shearer said: "It is hugely important that a big company like Samson Aviation comes on board with the Foundation.
But Shearer, whose odds have been slashed to make him favourite, is heading for disappointment.
A candid Llambias admitted he was at fault for recruiting Shearer as manager in April 2009 when Newcastle were battling to avoid the drop.
The Western Mail understands the deal to appoint Shearer has NOT yet been finalised, contrary to some reports surfacing last night.
There are still enormous complications to resolve this morning between the Bluebirds' Malaysian owners, Shearer and his representatives.
Only 18 months ago, Ashley refused to consider Shearer as a replacement for Sam Allardyce, insisting he was inexperienced.
Last week, Sir Alex Ferguson whimsically remarked at a charity dinner to Shearer that he'd have won more trophies if he'd plumped for Old Trafford.
After spending a summer at the Bennington School of the Dance in the '30s, Shearer cast her lot with Doris Humphrey.
Shearer was under the microscope again thisweek after being cleared of elbowing Everton defender David Weir at Goodison Park last week.