كتب : Hatem Maher
The English veteran previously announced that he will retire from professional football at the end of the season.
"It would have to come from him, but if he's still playing like he has recently, he has an enormous part to play," Souness said.
"He's a footballer who's enjoying his job and it's like any job - if you're enjoying it then why stop?" he added.
Shearer is just one goal short of equaling Jackie Milburn's record of 200 goals for Newcastle, which was decisive factor for the 35-year-old to make a U-turn on his decision to hang up his boots last season.
The former English international has undergone a hernia operation earlier this season but Souness believes that Shearer has fully recovered and found his form.
"Only he knows how much his hernia was holding him back, but since his operation last month he seems to have found another yard," he said.
"We'll see what happens over the next six months, but I certainly wouldn't close any doors," he added.
Shearer has scored five goals so far this season for Newcastle, who lie tenth in the Premiership table with 17 points.