The 33-year-old striker has twice been named runner-up in the award, last year he was pipped to the prize by Newcastle team-mate Shay Given.
This year, Given was runner-up, with Hartlepool midfielder Ritchie Humphries coming third.
The striker said: "It's a tremendous honour for me and a special one because this is my own area. It has brought a real smile to my face.
"It has come from the writers and media from my own patch, and I was beginning to think I had done something wrong to upset them.
"I have now been back home for seven years and to be honest, I've sat there at the annual dinner and watched other people pick up the award - all of them deserved mind you," he said.
Shearer, who scored his 250th league goal for The Magpies against Southampton on Saturday said: "It's a great honour for me to represent my hometown club anyway, and when I look at some of the names who have won the award before, it means a great deal to me - that's honestly how I feel."
