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Isak has voiced his willingness to leave St James' Park and was conspicuously missing from the squad's Far East tour due to a minor thigh problem and doubts surrounding his future.
Liverpool has been pursuing the Swedish forward for considerable time and submitted an official offer understood to be around $145 million (£110 million), which Newcastle swiftly rejected.
Shearer, speaking on The Rest is Football podcast, expressed his comprehension of the circumstances: "No, I'm not angry at all towards him.
I understand how football works, I know what happens in and around the game.
"I probably understand his mentality.
But I know what football is about and I know how it works, and obviously Liverpool have been into him or his agent."
Should Isak prove impossible to reintegrate, Shearer believes Newcastle ought to sell quickly and reinvest in bolstering Howe's squad after a chaotic summer transfer window
Alexander Isak wants to leave Newcastle for Liverpool
"As I said, no individual is bigger than any football club, and if he doesn't want to be there, fine, get what you can and get him out and say thanks very much for the memories, off you go."
Isak was joined at Newcastle by fellow countryman Anthony Elanga, a big-money signing from Nottingham Forest, although the club have missed out on a number of targets, including James Trafford, Bryan Mbeumo, Liam Delap and Joao Pedro.
They secured Aaron Ramsdale on loan from Southampton over the weekend, but Shearer admits it has been a 'really poor' summer so far for the Magpies.
"Up to now it's been a disastrous window for Newcastle," Shearer added.
"It was meant to be the time we kicked on with heavy investment and hopefully go to another level
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