Scenes outside St James' Park have been amazing, with fans beside themselves following the news of the takeover, making the club the richest in the world.
And now fans will have more reason to cheer Shearer may be returning to Newcastle possibly in a managerial role.
Shearer couldn't hold in his excitement for when the takeover was officially announced as he took to social media, buzzing with joy.
He captioned the tweet: "Yesssssssss. We can dare to hope again #NUFC."
The 51 year old is also relieved that former owner, Mike Ashley has departed with the club. Shearer said: "Ashley has gone and almost have to pinch myself. I'm excited for my beloved Newcastle United."
In an interview, Staveley gave detailed plans for Newcastle and the future of the club which included opening up an opportunity for Toon legend Shearer.
Staveley said: "That's something I would have to ask Alan as to what he wants to do, it is very important that we deal with all the greats."
Shearer returned to the Magpies in 2009 as manager in a bid to save them from relegation but, unfortunately, won just once in eight matches, and the club were relegated.
And although the ex-Manchester United defender says he's 'sensible' about his long run and has no plans to talk with Staveley at this time, fans will be hoping Shearer makes a surprise return.
Current manager, Steve Bruce will be seen exiting the club sooner rather than later if Shearer is to take over. This is a story to be followed very closely.