The former Blackburn Rovers talisman had plundered 112 goals in just 138 league games for the Ewood Park outfit, helping them lift the Premier League title in 1995.
His phenomenal scoring record, and strong performance for England at Euro 96, led to strong rumours that he would join Sir Alex Ferguson at Old Trafford.
However, the Geordie opted to return home in a world transfer record-breaking £15 million, where he would win no trophies - twice an FA Cup runner-up - but score another 148 league goals in 303 appearances.
Fergie came in and the first thing he said was, 'Am I first or has Keegan got to you?' I told him I had already spoken with Keegan and he said, 'That's me f***ed then.'
Speaking exclusively in a One-on-One interview in the February 2015 issue of FourFourTwo, Shearer reveals how and why he eventually decided to turn down the Red Devils' overtures.
"Manchester United was the probable move," he says. "My wife and I had even picked out a house.
"I then got a call from Kevin Keegan and we set up a meeting at David Platt's mother-in-law's house in Cheshire. On that same day, in that same house, I would also meet Fergie.
"Fergie came in and the first thing he said was, 'Am I first or has Keegan got to you?' I told him I had already spoken with Keegan and he said, 'That's me f***ed then.'
"He was wrong. I still felt I was going to Old Trafford. Then I got another call from Kevin asking to see me one more time.
"I thought 'why not?' because it was lingering there, this idea that it would be a dream to play for my club, for Newcastle. I went to meet Keegan again, I looked at my missus and said, 'It's time to go back home.'"
Read the full interview with Alan Shearer in the February 2015 issue of FourFourTwo, which hails the globe's finest 23 players under 23 and features exclusive chats with Ross Barkley, Mario Gotze, Koke, Antoine Griezmann, Marco Verratti, Marquinhos, Aymeric Laporte and Ryan Gauld. Plus, FFT chats to Slaven Bilic and David Moyes, meets the joint-managers with a difference at Whitstable Town and asks Adebayo Akinfenwa some silly questions. Available from Wednesday January 7.
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