Shankland, who has 16 Scotland caps, joined Hearts from Belgian club Beerschot in 2022.
He scored 28 goals in 48 appearances in his first season with Hearts, 33 in 56 for club and country in his second campaign, but that rate fell to nine in 45 last term.
“While we still have a chance, we’ll see where it takes us,” McInnes added. “I’ve made it clear that Lawrence is a boy I want to work with.
“Across my career, I’m well used to not getting everything I want, but I’d love to have the opportunity for Lawrence to be with us this season.
“While we still have a chance, we’ll hang on to that.”
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