Robson said over the weekend that he would attempt to strengthen his squad, following the confirmation of their place in next season`s Champions League, and Shepherd has insisted the former England chief will be supported in his forays.
However, Shepherd has warned that some of the present squad will be shipped out in a bid to provide Robson with the necessary war chest.
He said: "We`ve already sat down and identified possible targets.
"There will be ins and outs at Newcastle.
"Next year is a massive season for us.
"I won't mention figures but we are probably one of only a handful of clubs with the resources to go out and strengthen our squad.
The Magpies have been linked with a whole host of talent, with Benfica winger Simao Sabrosa at the top of the St James` Park shopping list.
Another player reported to be on Newcastle`s list of targets is Ajax ace Ahmed 'Mido' Hossam.
The young Egyptian striker is currently on loan at Celta Vigo, following a bust up with Ajax chief Ronald Koeman.
Mido is adamant he will not return to Ajax, and reports are suggesting The Magpies will attempt to sign him from under the noses of Celta.
Media speculation has linked Newcastle with both Middlesbrough defender Southgate and Birmingham forward Dugarry, but Shepherd says their profiles are wrong for the Tynesiders.
He added: "Ideally, we want quality youngsters who are ready now but who are also going to get even better. The pattern won't change.
"We've been linked with Dugarry and Southgate but that's nonsense. It's just agents' talk. Neither will be joining Newcastle."
