Lallana and Shaw are both believed to be targets for a number of top clubs in the Premier League, but former Saints striker Le Tissier believes that the duo would not harm their careers by choosing to stay at St Mary's Stadium.
"The landscape has changed since I was a player, when you probably needed to play for one of the top four or five sides to be considered for England contention," the 45-year-old, who played eight times for England, is quoted as saying by The Mirror.
"Now there is such a shortage of English players in the Premier League that it means you are bound to get noticed if you are playing well.
"The pool of English talent has shrunk so much that I don't think Lallana and Shaw would be doing their careers any harm by sticking around at Southampton."
Reports on Tuesday suggested that Lallana would favour a move to Liverpool if he were to leave Southampton this summer.