The Gunners booked their place in the quarter-finals of the Champions League after beating Leverkusen 2-0 at the Emirates on Tuesday night as they continue their quadruple push.
Arsenal, who are top of the Premier League are the favourites ahead of Manchester City on Sunday as they enter the EFL Cup final this weekend as they track down a record-breaking season.
Speaking to Betfair, Shearer believes that if the North London side do lift the trophy, a quadruple is on the cards.
“If Arsenal win the Carabao Cup, the quadruple is seriously on. And it's a big if because it's a huge game, a huge game for both clubs because this probably is City's last chance in terms of the silverware.
“It's a huge game for both clubs but yeah, If Arsenal win this one, then the talk will intensify of winning four trophies, which clearly has never been done before.
“It’ll be a highly charged game. There'll be plenty of excitement. There'll be a bit of bite in the game as well because of obvious reasons. But I'm really looking forward to the game.”
No team has ever won all four and if accomplished, may never be done again for several decades.
Arsenal will also face Southampton the quarter-final of the FA Cup and must remain consistent in both the Champions League and Premier League if they want to go all the way and complete the perfect season.