The Reds are 25 points clear at the top of the table and need just two more wins to be crowned English champions for the first time in three decades.
But the Premier League has been suspended until at least April 3 because the Coronavirus pandemic has showed no signs of slowing down.
The football authorities are due to meet on Thursday to decide on the way forward but Shearer believes as harsh as it sounds, Liverpool should be denied the league title if the season cannot continue.
If, and it is a huge if, the season cannot be completed then there is no way you can have a winner or loser," he wrote in The Sun.
"As harsh and as horrible as that would be for some clubs, none more so than Liverpool, it is the only outcome.
"If you cannot complete the fixtures then you cannot go handing out titles or consider relegating anybody."
"For Liverpool, it would be incredibly harsh," he continued.
"But I cannot see how it would be fair to hand them the title – despite the fact it is obvious nobody is going to catch them.
"They only need six points to wrap it up but they haven't got them yet so for that reason it has to be declared null and void.
"It would be very different if the season was suspended after they had got the points to win it.
"But they haven't and however horrible a scenario it would be, it's the only option."
