Spurs are just four points above the relegation zone and haven't won a league game in 2026 following the sacking of Thomas Frank earlier this year.
Tottenham two wins in their last 18 Premier League games and none in the last nine as fans begin to worry that relegation is a real possibility.
There are just 10 league games left this season and speaking to Betfair, Shearer believes that relegation is more than plausible for the North London side.
“Without a doubt, there’s now a realistic chance Spurs could get relegated. I think it's one of the reasons they fired Thomas Frank. We said alarm bells were ringing before the Arsenal game; now they're screaming out loud.
“They've got Fulham away next, who are in decent form, and you can imagine the noise if they don't win. Forest have got a tough game, West Ham have got a tough game, but at least they're showing a little bit, Spurs aren't giving you any hope at all.
“They haven't looked at the warning signs from last season. You'd have to look at things behind the scenes because they've had horrific injuries this season.
“There's so much wrong in that football club, and they're in massive, massive trouble.
“It would damage the football club massively and set them back years for financial reasons if they did go down this season and for everything in that stadium. Realistically, after finishing 17th last year, no one thought they'd be in this much trouble again.”
Nottingham Forest could leapfrog Tottenham this weekend, sending the side into 17th place and just one spot away from the drop zone. Spurs face Fulham and must win is survival is plausible this season.