Manchester United's hopes of reinforcing their squad before Thursday's 5pm transfer deadline appear to be over after José Mourinho said his latest information was that the club had been unable to secure any of their targets.
Jerome Boateng was another option but Bayern Munich have not been keen to sanction a loan move.
Liverpool FC placed in fourth spot and finished 25 points behind Manchester City, although the Reds knocked the Citizens out of the Champions League thanks to a 5-1 aggregate win in the quarter-finals.
City invested heavily ahead of the 2017-18 season, buying players including Kyle Walker, Benjamin Mendy, Ederson and Bernardo Silva, and Guardiola subsequently led the club to the Premier League title by a record-breaking 19 points.
Shearer said regarding Tottenham: "They have not had the same finances to throw at their team as the clubs around them but they have still got themselves into a position where they are contenders".
"I'm so happy with the team and I said last season maybe one or two [arrivals], but we don't have any more money to spend, that is the truth".
"My view is that first of all is hard for me to believe we finished second", he added.
"My view is that, first of all, it is hard for me to believe we finished second because when I listen, when I read - not much but sometimes I do - you [the media] are capable of making people that finish second look like they were relegated, and people who win nothing, finish below us, you make them look like serial winners".
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"We could not spend more than we have done this season".
"I will have to focus on the players I have and in relation to this first couple of matches". "In Championship Manager you can just press a button".
"I said last season many times we can not spend every season, we spend when we should spend, we had seven or eight players aged 30 or 31 [to replace]".
"It looked like I was saying something absolutely out of order, something insane, I repeat: Pre-season hard when you don't have your players to work, that's as simple as that".
"Since nine years, every season - except the first when I arrived at Barcelona".