The Australian international has been linked with moves to The Premiership for the past year, with possible suitors including Leeds United and Liverpool, along with The Magpies.
Newcastle boss Sir Bobby Robson has become the most interested in the 24-year-old, and it has now been confirmed that the club are leading the race for his signature.
Chairman Shepherd says that he is confident of signing the newly-crowned Oceania Footballer of the Year, and is hoping to complete a deal for the Feyenoord man soon.
Although it had originally been thought that a £10 million asking price was on his head, Emerton could now leave De Kuip for as little as £5 million.
The Australian now says that he would be keen on a move to Tyneside, but has not yet heard of any offer.
"I haven't heard anything other than what has been said before, that the club (Newcastle) have shown an interest in me," said Emerton.
"If that's true then that's good news. Newcastle are a big club and I've made no secret of my desire to play in the English Premiership.
"But no talks have taken place at the moment. I'm still a Feyenoord player and I am completely committed to helping the club achieve all their goals this season.
"There are three games left and we have a very important one on Sunday against PSV and I'm just focusing on that at the moment."
Robson is looking to build on their promising domestic and European campaigns this season, and has been linked with a host of stars including Southampton marksman James Beattie, Benfica's Simao Sabrosa and Brazilian Kleberson.
