Shearer - the league's all-time leading goalscorer - was given the highest individual honour awarded to players by the league alongside Thierry Henry. The Hall of Fame recognises and celebrates the exceptional skill and talent of players who have graced the league since its inception in 1992.
In its first year, the Premier League Hall of Fame will welcome eight inductees, with a further players to be inducted from an additional shortlist of 23 nominees via public and panel vote.
Included among those nominees are Andrew Cole, who scored 41 goals in all competitions for Newcastle in the 1993/94 campaign before joining Manchester United in 1995, Les Ferdinand, who is known as 'Sir Les' on Tyneside for his exploits in two seasons at St. James' Park between 1995 and 1997, Michael Owen, who netted 26 times in 71 Premier League appearances for the Magpies, and Sol Campbell, who made seven league appearances for the Magpies in the 2010/11 season.
The 23-man shortlist was compiled by the Premier League based on the career statistics of players who meet the Hall of Fame selection criteria. The career statistics analysed included the number of appearances, goals, assists, clean sheets and individual and team honours.
To be eligible for the 2021 Premier League Hall of Fame, players must have been retired as of 1st August 2020. Only a player's Premier League career is considered in their candidacy, not their performances in other competitions during the Premier League era.
As well as Cole, Ferdinand, Owen and Campbell, the other 2021 nominees are Tony Adams, Rio Ferdinand, John Terry, Matthew Le Tissier, David Beckham, Robbie Fowler, Robin van Persie, Ashley Cole, Dennis Bergkamp, Steven Gerrard, Nemanja Vidić, Didier Drogba, Peter Schmeichel, Roy Keane, Patrick Vieira, Paul Scholes, Eric Cantona, Frank Lampard and Ian Wright.
Each inductee will receive a personalised medallion, engraved with the year of their induction. Fans can vote at www.premierleague.com/halloffame from 7pm on Monday, 26th April.