The former Blackburn striker has been linked with the Ewood Park hot seat since the sacking of Steve Kean, and confirmed he is open to talks with Venky's.
He told the BBC: "I've not spoken to the Blackburn owners. If they approached me I would speak to them."
He added: "It's a strange one at. You've got to ask what the owners want. Whoever they appoint now they've got to get it right.
"It's a lovely, lovely football club and with my history with Blackburn then I would speak to them."
Shearer's only previous managerial experience came in 2009, when he took charge of Newcastle for eight games and they were relegated from the Premier League.