Newcastle United striker Alan Shearer has postponed his retirement and will play on next season on a player/coach contract.

The 34-year-old former England [Images] captain had been set to hang up his boots at the end of this campaign in May but has been persuaded to stay for next season by Newcastle boss Graeme Souness, who took over from Bobby Robson in September.

"I was perhaps a bit hasty but did have the full intention to retire," Shearer told a news conference on Friday. "I'm doing it because if my performances carry on at this level I believe I can do it for another year.

"I sat down and had to assess my performances this season and feel I have contributed a lot more this season than I did last season or the season before."

The record English Premier League scorer with 250 goals said he started considering changing his mind six weeks ago after constant badgering by Souness.

"I cant tell you how pleased I am," Souness said. "If all my signings are as good as this they [the fans] will be extremely happy.

"I tried to get into his ribs and head and said 'this is your football club, if you really love it you have got to stay another year at least'."

Lifelong Newcastle fan Shearer is only nine goals behind 1950s striker Jackie Milburn's club record 200 goals but said his decision was not motivated by trying to break the record.

He had signalled his intention to work in the media after retirement but the fact he has signed a player/coach deal and is working on his coaching badges will refuel speculation he might succeed Souness as Newcastle boss.

LEAGUE TITLE

Shearer won 63 caps scoring 30 goals but retired from international football after a disappointing Euro 2000. When Sven-Goran Eriksson later took over as coach the Swede tried to make Shearer change his mind, to no avail.

Shearer began his career at Southampton in 1988 before moving to Blackburn Rovers for 3.6 million pounds ($6.78 million) in 1992 where he won his only career medal when they claimed the league title in 1995 under Kenny Dalglish.

He then rejected the overtures of Alex Ferguson at Manchester United [Images] and signed for hometown club Newcastle for a then world record 15 million pounds in 1996.

He was the Professional Footballer's Association Player of the Year in 1994/95 and 1996/97 and is the only Premier League striker to have notched more than 200 goals.

The championship medal at Blackburn and FA Cup runners-up medals with Newcastle are the only real silverware Shearer has to show for an illustrious career but Newcastle are still in the FA Cup semi-finals and UEFA [Images] Cup quarter-finals as they bid to increase their captain's collection of silverware.

With striker Craig Bellamy on loan at Celtic after falling out with Souness and Dutch forward Patrick Kluivert failing to impress in his first season at St James' Park, Shearer became too important for Newcastle to allow him to walk away.

• Complete football coverage