Shankland joined the Jupiler League club from Dundee United last summer for a fee reported to be in the region of £500,000, but has struggled to make an impact in Belgium, scoring twice in 13 appearances with Beerschot 10 points adrift at the foot of the league table.
They are expected to go through an overhaul of their squad this month and reports suggest Shankland would be allowed to move on if clubs are interested.
Hearts manager Robbie Neilson has worked with Shankland before when Dundee United won the Championship in the 2019/20 campaign and was interested in bringing him to Tynecastle before the Scotland internationalist’s move to Beerschot emerged.
The Jambos are in the market for another forward to support top scorer Liam Boyce, with striker Armand Gnanduillet expected to depart the club this month, although any move for Shankland from Hearts would have to wait until the summer given he has played for two clubs already this season.
Shankland, capped four times for Scotland, could also interest his former employers United, although they are hoping to sign Motherwell’s Tony Watt this month after agreeing a pre-contract summer agreement with the forward. Manager Tam Courts has admitted that he wants to add to his forward line this month and Shankland could return as he featured for United at the start of the season.
Speaking to the BBC recently, Shankland admitted that he feels he could do a job for a team back in his homeland if a move was to arise.
"I wouldn't say I have unfinished business in Scotland," Shankland said. "The numbers I hit in the Championship, I don't think anyone will hit them in the Premiership unless they are playing for Rangers or Celtic.
"The question was 'could he score in the Premiership?' Well, I can. I scored. How many? I don't know. If I return and get the chance, I hope it's a lot. I don't think I have a lot to prove.
"I felt that I did my job for Dundee United and the number of goals I finished on was okay for where we were at. If I return, hopefully it's 20-plus."