The striker has been absent since sustaining a hamstring injury in the Scottish Cup clash with Falkirk in January and the initial timeline was around six to eight weeks.
The 30-year-old has missed the last seven games and Hearts have been working towards him returning for the final fixture before the split against Motherwell.
Shankland, it is understood, is happy with the progress he is making and is working towards returning before the Steelmen come to Tynecastle Park.
That could perhaps be as early as this month when Hearts host Dundee, but as things stand, it is too early to predict with any certainty.
Hearts have a two-week break following the game with Dundee on March 21 for the international break before they return with a visit to bottom-place Livingston.
Should his recovery progress continue positively, the latest he will return is against Motherwell the week after the Livi fixture.
Hearts will be boosted in the coming weeks by the return of Oisin McEntee and, possibly, Cammy Devlin against Kilmarnock, with Stephen Kingsley also due to return at some point in the coming weeks.
Speaking last week, Derek McInnes suggested it would be like another transfer window.
“I do think that once we get through the next four games, we’re going to be a bit stronger, ideally going into the final run-in, so it will almost feel like a transfer window opening up for us in April when we get a few back,” he said.
Meanwhile, Finlay Pollock is continuing to make progress in his recovery from a hamstring injury, which he suffered on loan for Raith Rovers last April.
The 21-year-old has been working on the grass recently but has yet to join in with the first-team squad.
That is expected to happen in the next couple of weeks as Hearts and the player hope to build the player back up following an injury-plagued few years.