"I think they will be ok," Shearer told BBC Radio Lancashire.
"I think there are three worse teams than Blackburn, but it will be a tough day for all the teams. It's hard but fingers crossed they'll have enough."
The Match of the Day pundit added: "I've been down there myself both as a player with Southampton and when I managed Newcastle for the last eight games."
Shearer, who won the Premiership title with Blackburn in 1995, said he still says he still keeps an eye out for the team he scored 112 league goals for: "It's always a result I look for and it's hard to see them down at the wrong end of the table.
"I had four magnificent years there so obviously I've got got affinity with the club.
"They're still not out of the mire and have a very tough game on Sunday and I hope they get out of it for the fans.
I think there are three worse teams than Blackburn, but it will be a tough day for all the teams
The former England captain acknowledged that Rovers have only themselves to blame for their poor league standing: "Whoever's down there at this time of the season, they're not down there by bad luck. They're down there because they deserve to be down there.
"Teams can say they've been unlucky with injuries, but every team has the same problems throughout the season."
Defeats for Blackpool, Wigan and Birmingham on the final day would guarantee Blackburn's top-flight survival, irrespective of their result at Molineux.
Source: BBC Sport
Source: BBC Sport