The Reds took a big step towards booking their place in the semi-finals of the Champions League by claiming a dominant 3-0 victory over the Citizens at Anfield on Wednesday night.
Mohamed Salah set the Reds on their way towards victory by netting the opening goal, before Alex Oxlade-Chamberlain made it 2-0 with a superb long-range strike.
And Sadio Mane then netted in the 31st minute to make it 3-0 to the hosts and put them firmly in control of the quarter-final tie.
Liverpool FC will now head into the return leg at The Etihad on Tuesday night next week knowing that if they score one away goal, that would leave the Citizens needing to net five times to secure their progress.
However, England legend Shearer feels that Liverpool FC would be wise not to consider this tie to be over, despite their impressive advantage.
Writing in his column for Coral, Shearer said: “I think it would take a brave person to say this tie is over, despite the scoreline.
“If City get an early goal in the second leg, it will make it very interesting.
“Liverpool will have to assess the injury to Salah, it would be a huge blow if he was to miss the next game, while Jordan Henderson will be out through suspension after he picked up another yellow card.”
Meanwhile, Liverpool FC will return to Premier League action on Saturday lunchtime when they take on Everton in the top flight at Goodison Park.
The Reds are currently in third place in the Premier League table.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news