Bale has been linked with a move away from Real Madrid throughout the transfer window as he has fallen out of favour under manager Zinedine Zidane, with reports linking him to a move to Manchester United and former club Tottenham - although Shearer feels that he may struggle to get into their teams.
The former Newcastle striker told Coral: "He possibly wouldn't walk into all the teams in the top six in the Premier League, it's going to take a wealthy club to be able to afford a transfer fee and a salary to get Bale there.
"Whether clubs can do that outside the top six remains to be seen, but he's got to be playing football rather than being sat on the bench."
Shearer added that it a "shame" that Bale is deemed surplus to requirements at the Spanish giants.
The legendary marksman said: "I think it's such a shame that a player of his ability is sitting on the bench or in the stands every single weekend.
"He's a fantastic player, still got lots to offer, whether that's in another county.
"Without a doubt he could certainly still play in the Premier League, I know clubs have one or two concerns regarding injuries.
"The money that he's on, will clubs be able to afford it, even more so given the current situation that we're in?
"Someone of his ability shouldn't be sat wasting away on the bench, his ability should be playing every single week."