The 34-year-old, who has insisted all along that he would go ahead with his decision to retire at the end of the current campaign, has negotiated a contract extension which will give him even longer to get the nine goals he needs to equal Jackie Milburn’s club record of 200.

Chairman Freddy Shepherd was not commenting on the matter last night, but a press conference has been called for 9am this morning when an official announcement is expected to be made.

That will come as a massive boost to manager Graeme Souness, who insisted from his first day in the job that he would do all he could to persuade the Magpies captain to delay his retirement.

Persuading Shearer to play on has become increasingly important with Craig Bellamy seemingly having no future on Tyneside and Patrick Kluivert yet to persuade the manager the two-year option on his contract should be taken up.

To his credit, Souness has never given up and has continued to chip away at Shearer, who both publicly and privately has shown few signs of changing his mind, just as he did not despite repeated calls for him to reconsider his decision to retire from international football after Euro 2000.

However, after reading reports earlier this month that suggested the striker had called time on his playing career by signing a new deal with BBC Television, the 51-year-old Souness hinted at what was to come.

“If I was a supporter, I would not be paying too much attention to that story,” said the Scot at the time.“He is keeping all of you on your toes, he is playing it beautifully. I am more than hopeful.”

Shearer’s expected retirement has provided a focus for Souness’ side in recent months as they have staged a revival, with everyone connected with the club desperate to give him the send-off he deserves by ending their 36-year wait for a trophy.

His 18 goals to date this season have helped them to reach the semi-finals of the FA Cup, in which they meet Manchester United at Cardiff’s Millennium Stadium on April 17, by which time they will know the outcome of their two-legged UEFA Cup quarter-final clash with Sporting Lisbon.

The £15m (€21.8m) man’s record is beyond compare – he has 250 Premiership goals to his name and has completed a century for both Blackburn and Newcastle, while his career statistics make remarkable reading.

He scored 43 times in 158 appearances for Southampton, 130 in 171 for Blackburn and currently has 191 for Newcastle in 352 appearances, a total of 364 goals in 681 senior appearances in club football.

With 30 in 63 full internationals for England, he stands head and shoulders above the crowd in his generation, and will be hopeful of adding to his club tally both this season and beyond.

But the respect in which he is held at St James’ Park and on Tyneside in general is not merely a reflection of the goals he has scored and continues to score, but his ability to lead from the front and carry the hopes of a city.

Shearer’s contribution on the pitch is immense from the moment he leads his team out of the tunnel through to the final whistle, and even though his legs may not have the spring they once had, he remains a formidable opponent.

His body has been telling him for some time that the end is approaching after the serious injuries he has suffered over the years take their toll, but as long as he feels he can do a job, he will give every ounce of effort he has left.

Souness was so keen to keep his star striker on board that the suggested a coaching role, and with the 34-year-old having gone a good deal of the way to earning his qualifications, the task of grooming him as a future manager of the club may well begin in earnest now.

Newcastle resume their Barclays Premiership campaign at home to Aston Villa tomorrow after their second trip of the season to Dubai – if that is where the Souness finally got his “yes”, Shepherd will feel the expense was money well spent – and there is little doubt the number nine will again receive a hero’s welcome from Magpies fans.