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The Reds will get their hands on the league title in front of supporters for the first time in 35 years this afternoon.
Arne Slot's side were crowned Premier League champions after the 5-1 thumping of Tottenham Hotspur at Anfield on April 27.
The Newcastle United legend said: "The trophy parade at Anfield!
"Arne Slot sort of switched teams around, hasn't he, but I think he'll go back to his first XI, if he can get that.
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"Palace, I know they continued the party in midweek after their brilliant win against (Manchester) City, but I think Liverpool will take this at home to Anfield because with it being in the trophy parade everyone will be up for it."
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Shearer famously won the Premier League title at Anfield with Blackburn Rovers 30 years ago.
It is the champions versus the FA Cup winners but I have no idea what kind of teams both managers will put out.
"Liverpool have pretty much been on the beach since they secured their title at the end of April, while Palace left out several first-team players in their win over Wolves on Tuesday, with Eberechi Eze and Jean-Philippe Mateta only coming on for the last 10 minutes.
"Palace are on a high after their Wembley win last weekend and if Eze and Mateta start against a weakened Liverpool side then I'd fancy the Eagles' chances.
They have got some good players, and the pressure is completely off them.
"You have to think that Arne Slot will go with a strong side here, though, to finish a great season with a win in front of the Anfield crowd before Liverpool get their hands on the Premier League trophy at full-time.
"That's what I am guessing Slot will do, but it's a big gamble by me with my predictions title on the line.
"Slot might do something very different and Eze and Mateta could cause carnage if Virgil van Dijk is left on the bench again, like he was in Monday's defeat by Brighton."
This Liverpool ECHO special edition looks back at a remarkable season, but is packed full of images from both the trophy lift at Anfield and the parade through the streets of the city.
There are features, reaction from players and staff, analysis of how the title was won as well as player ratings and a focus on the boss himself - Arne!
Click the link here to buy online and have it delivered directly to your door, or you can purchase it in participating supermarkets, high street retailers, and independent newsagents from May 29, 2025.
Postage and package costs apply.
Mohamed Salah of Liverpool celebrates scoring his team's fourth goal during the Premier League match between Liverpool FC and Tottenham Hotspur FC at Anfield on April 27, 2025 (Image: Liverpool FC/Liverpool FC via Getty Images)
You can also buy our 48-page keepsake from when Liverpool confirmed the title with victory over Spurs here!
And you can also order a copy of the Monday, April 28 Liverpool ECHO celebrating Liverpool's triumph direct to your home on our online store.
Liverpool ECHO front page.
April 28, 2025
Also available is the Liverpool FC CHAMP20NS: Premier League winners 24/25, with a double sided poster.
Pre-order here: https://reachsportshop.com/special_edition/liverpool-fc-champ20ns-premier-league-winners-24-25/
Liverpool FC CHAMP20NS magazine
Paul Merson, the Arsenal great, also believes the Reds will run out 3-1 winners.
Writing for Sportskeeda, Merson said: "There will be goals in this game.
For more news relating to Newcastle United, visit our sister site NUFC Latest Live.