The 19-year-old midfielder’s contract with the Championship club runs out in the summer and Shaw has been weighing up his options over his future.
Sheffield Wednesday are keen to retain Shaw’s services beyond the summer and have been in talks with his representatives over a new deal.
However, the teenager is said to be open to other offers and is speaking to Celtic.
As Shaw continues to be linked with a move away from Hillsborough, Owls caretaker manager Thompson has explained that discussions over his future and expiring contract are taking place in the background.
“It’s an ongoing situation… I’m not able to comment on that“, Thompson told a press conference.
“It’s up to the individual.
“It’s ongoing with the club, like anyone whose contract is up.
“Talks take place, and that’s where we’re at with that.“
With Shaw’s Sheffield Wednesday future up in the air, Celtic will be hoping to convince the player to move to Parkhead in the summer.