The pair will receive their awards at the university's graduation ceremony next week.
Shearer is the English Premier League's all-time record goalscorer, while Kerr this year led Scotland's women to their first World Cup, having previously won every domestic honour in Scotland as a defender.
• READ MORE: Shelley Kerr ‘could have been SPFL’s first female coach’ but male boardroom said noStirling was recently designated the UK's sports university of the year for 2020 by The Times.
Professor Gerry McCormac, principal and vice-chancellor of the university, said: "I am delighted that we will honour two outstanding individuals from the world of football at our winter graduation ceremonies.
"Shelley Kerr is a good friend of this university, having studied here and managed our men's first team between 2014 and 2017 - an appointment that saw her celebrated as the first woman to manage a senior men's team in Britain.
• READ MORE: Scotland manager Shelley Kerr’s career still on the up"Alan Shearer is a man who needs no introduction - a football great who competed at the highest level for almost two decades.
"In recent years, the university has been proud to work alongside Alan in shining a light on the potential risks posed by heading in football."
Prof McCormac added that both football stars are "excellent role models" for the university's students.