The Gunners are five points behind leaders Leicester City after Sunday’s 3-2 loss to a weakened Manchester United side at Old Trafford.
The hosts surged into a 2-0 lead courtesy of Marcus Rashford’s brace before Danny Welbeck scored on his return to Old Trafford before half-time.
Ander Herrera restored United’s two-goal cushion before Mesut Ozil netted what ultimately proved to be a consolation goal for the visitors.
Arsenal’s derby rivals Tottenham Hotspur were 2-1 winners against Swansea as Mauricio Pochettino’s side kept the pressure on the Foxes.
However, former Newcastle United striker Shearer reckons Arsenal will be involved in the title race until the final games of the season despite Sunday’s setback.
“They’re not out of it. I still think it will go down to the very last day and Arsenal will play a huge part in it,” Shearer told Match of the Day 3.
Arsenal host Swansea City in the Premier League on Wednesday before Saturday afternoon’s north London derby at White Hart Lane.
MORE: Latest Man Utd news
MORE: Latest Arsenal news
MORE: The latest football news