The Magpies are interested in 21-year-old midfielder Taylor Adams while Shaw nominated Greater Western Sydney as his preferred destination on Monday after returning from Singapore.
The two parties have been unable to sit down for serious trade talks until today.
Geelong and Essendon had also expressed an interest in securing Shaw but he is likely to be confirmed as a Giant, possibly as early as Thursday afternoon.
It is understood GWS have offered Shaw a five-year deal and have high expectations that he can play good football well past 30.
Adams looks to have a long career ahead of him after playing 31 games in two seasons since joining the Giants via pick No.12 in the 2011 AFL Draft.
Greater Western Sydney hold picks 1, 9, 19 and 35 in this year's draft while Collingwood currently have pick 10, 27 and 45 and are expected to receive pick 11 as compensation for losing Dale Thomas to Carlton through free agency.
Adams’ manager Scott Lucas told Trade Radio on Wednesday that Shaw's decision to choose the Giants meant it was more likely that Adams would reach Collingwood.
However the youngster is keeping his options open and is yet to nominate a preferred club.
Lucas: It's looking increasingly likely Taylor (Adams) will find his way to @CollingwoodFC. The Heath Shaw nomination (helps)
— Trade Radio (@traderadio) October 16, 2013
