The 28-year-old forward is the top goalscorer in the Scottish Premiership this season with eleven goals in 19 appearances.
He has scored five times in his last four league appearances and there are suggestions that Celtic and Rangers could look to snare him away from Hearts in January.
Halliday stressed that the forward could be the difference for Hearts, who are chasing European football this season.
The Hearts star stressed that the club are not going to sell him for a low fee and a goalscorer of his ability will only be available for a premium price if a club want to sign him in January.
Halliday said on Clyde 1’s Superscoreboard: “He could be the difference between Hearts getting third and guaranteed Europe next year so he is certainly not going to be cheap.
“It’s a guaranteed £6m so that’s definitely not cheap.
“You know how much I highly rate Shanks, he is the outright top goalscorer in the league and he is absolutely flying.
“All strikers who score goals have a premium and if anyone wants to come in and try and take him in this window, they will need to pay that.”
Shankland has 18 months left on his current contract and Hearts are under no pressure to sell him in the winter window; it remains to be seen if either Celtic or Rangers try to land him.
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