Fernandes equalled the Premier League assist record for a single season at the weekend as United bypassed Nottingham Forest.
The 31-year-old has been incredible to say the least this season after grabbing the assist he moved level with ex-Manchester City midfielder Kevin de Bruyne and former Arsenal striker Thierry Henry for most assists in a season.
The United captain already won the FWA Footballer of the Year award and is set to lift the Player of the Year award, despite not being part of either Arsenal or Manchester United in the title race.
Speaking on The Rest is Football podcast, Shearer revealed that if the Gunners win the league, three players will surely challenge Fernandes for the award.
“If Arsenal win the Premier League, which we expect them to do, I’d chuck David Raya, Gabriel and Declan Rice in there.
“I’m not taking anything away from Bruno Fernandes, I’m a huge fan of his, and he’s been outstanding, God knows where Manchester United would be without him.
“But yeah, I would chuck those three Arsenal players in there as well.”
Fernandes was named Manchester United Player of the Year for the fifth time and still has one game left to break the assist record, at Brighton next Sunday in what would be an unbelievable feat.