Staggies boss Jim McIntyre has targeted 22-year-old McShane as part of the rebuilding job at Dingwall.
McIntyre, who was formerly in charge at Queen of the South, said: “We have agreed a fee for Ian McShane so hopefully we can agree terms.
“We have offered Martin Woods a contract and we would like to bring (loanee) Jackson (Irvine) back but the ball is firmly in Celtic’s court with that one.
“Darren Barr is away. We will be looking to add another midfielder.”
A group of 12 of the club’s players were on Wednesday told that they were no longer required, with McIntyre adding defender Barr to the dozen.
County confirmed loanees Filip Kiss and Cameron Burgess will also depart and return to parent clubs Cardiff and Fulham.
McIntyre is hopeful, though, that others will follow McShane and put pen to paper for the club.
He added: “We have offered contracts to seven players. So if we can manage to secure them, then it means we only have to add another seven.”
County received a further boost ahead of their final Scottish Premiership game of the season at Kilmarnock as midfielder Kiss won his claim of wrongful dismissal.
The 24-year-old had his appeal upheld by a Scottish Football Association tribunal following the red card received for a penalty box clash with Hamilton midfielder Darian MacKinnon in Saturday’s clash.