The Magpies got dragged further into the relegation fight at the bottom of the Premier League table following their 6-0 home defeat to Liverpool.
Shearer wrote in his column in The Sun: "It has brought calls from many fans for a change of manager. I would not join that clamour.
"I think Pardew has enough credit in the bank from last season to be afforded another chance.
"But he is under massive pressure and if this trend continues two months into the next season, there will be even more calls for his head."
Newcastle are 16th in the Premier League, five points clear of 18th-place Wigan Athletic with three games to play this season.