The ad by Bartle Bogle Hegarty London and Havas Sports and Entertainment shows Shearer reminiscing about the first time he went to watch Newcastle United play.
It features the people who made it happen, such as the metro driver and the baker where he bought a pie on the way to the stadium.
At the end, Shearer surprises a young boy with free tickets to a football game.
As part of the "spirit of the game" campaign, Barclays is giving fans the chance to win tickets to watch their favourite team every week for the remainder of the 2014/15 football season. It will also give away 8,000 tickets to local communities in partnership with the Barclays Premier League clubs.
Nathan Homer, the global head of sponsorship at Barclays, said: "Football is all about the fans. Throughout the 2014/15 season we have been championing those who represent the true spirit of the game, and now we’re turning our attention to young fans.
"In keeping with our broader company commitment to the next generation, we will be rewarding young fans with tickets and other football experiences, to give them the opportunity to start a lifelong love affair with football."
The campaign also includes opportunities to win mascot places, a school visit from the Barclays Premier League trophy or to play on a Barclays Premier League pitch. These promotions are aimed at Barclays customers.
There will be ticket and merchandise competitions through Facebook and Twitter too. Barclays is asking fans to share their first game memories in order to be in with a chance of winning.
Nick Gill, the executive creative director at BBH London, said: "To launch this initiative we decided to invite a footballing icon to talk about his experience, not just with fondness, but in meticulous detail.
"The person we were looking for had to be a genuine legend of the modern game who could tell his story, then ring a door bell, hand over Barclays Premier League tickets and reduce some young fan to speechless excitement."
The campaign was created by Ed Cole and Lewis Mooney. It was directed by Si @ Ad through Academy Films. Media planning and buying was handed by Maxus.
Lucien Boyer, the president and global chief executive at Havas Sports and Entertainment, said: "[The campaign] has the potential to help so many young fans fall in love with football."