The 26-year-old has impressed this season for the Magpies, who sealed a top-half finish in the Premier League despite having only been promoted last year.
When asked by BBC Sport which omitted player should have been in the squad, former Newcastle striker Shearer replied: "The only one I would have included myself is Jonjo Shelvey just to add something a bit different.
"He would bring a calmness on the ball and he is someone whose first thought is a forward pass.
"He can keep hold of the ball if we need it, or pick his head up and play a long pass that we have seen him do over the last four or five months."
Shelvey has won six caps for the Three Lions but has not featured for his nation since 2015.