The former Rovers striker, who had a short spell in management with Newcastle, spent four years at Ewood Park as a player.
When asked about his interest in the job, the 42-year-old told BBC's Football Focus: "I've not spoken to the Blackburn owners. If they approached me I would speak to them."
The npower Championship outfit have been without a manager since Steve Kean's decision to resign at the end of September, saying in a statement that his position had become "untenable".
Owners Venky's have attracted criticism for their running of the club but Rovers are among the early pace-setters in the Championship, occupying a play-off place ahead of today's home match against Wolves.
Shearer's spell in charge of Newcastle ended in relegation from the Barclays Premier League after they took just five points from his eight games at the helm.