The Cardiff Blues centre featured for Wales throughout the 2010 autumn internationals but picked up a knee injury while on regional duty against Aironi in January.
Shanklin, who has been blighted by knee injuries, was forced to go under the surgeon's knife and has not played since. He will see a specialist this week to determine how well his rehabilitation is going.
And according to Blues director of rugby Dai Young the meeting will also decide whether Shanklin will return to play rugby again.
"He's at the stage now where he either moves on to the next stage or not, really," said Young, a three-times Lions tourist.
"It's a very critical stage for Tom and one he's obviously discussing with his specialist.
"He's got a consultation this week. Hopefully we'll know a bit more from there. But he's up and walking and he's well down the path of his rehabilitation."
Shanklin is out of contract with the Blues at the end of the season and is expected to leave the Cardiff City Stadium. The two-time Grand Slam winner has spent eight years in the capital and made more than 100 appearances for the Blues.
His impressive performances during Wales' 2005 Grand Slam led to a place on the Lions tour to New Zealand, in which he made three appearances and scored one try.