O'Hanlon was himself on Preston's short-list, along with Wales manager Mark Hughes, while Kenny Dalglish's name was also being linked with the position.
Shearer's first decision as the new manager at St James' Park was to name injury-plagued Owen to his starting line-up for his first match in charge at home to title-chasing Chelsea on Saturday.
He says the relationship with Digicel remains a strong one despite last October's fallout and he is about to hire a commercial manager to seek other big-name sponsors.
Mr Bryant's move came the day after Manchester United manager Sir Alex Ferguson became the latest celebrity to lend his name to the high-profile campaign to fight the closure.