Terms were agreed between player and Tynecastle officials yesterday and Belgian club Beerschot released paperwork for the Scotland international forward to return home.
Hearts will pay a six-figure transfer fee for Shankland, which is understood to be less than the £500,000 they were initially quoted earlier this summer. He will wear the No.9 shirt this season.
The striker is now reunited with manager Robbie Neilson and coaching staff Lee McCulloch and Gordon Forrest after working with them at Dundee United during season 2019/20. Shankland joined Beerschot in a £1million deal last summer but, after one year in the Beligan Pro League, is now back in the cinch Premiership.
Hearts exit on the cards for Josh Ginnelly
Lee Johnson addresses Hearts claims that Hibs over-celebrated derby equaliser
Steve Kean reaction as Hibs B bow out of SPFL Trust Trophy and Paul Hanlon gets minutes under his belt
Hearts B come up short against Buckie Thistle in SPFL Trust Trophy
Signing David Marshall could be the best thing Shaun Maloney ever did for Hibs
“I’m really happy that we’ve been able to bring Lawrence to the club,” Hearts manager Neilson told the club website. “He’s a player I know well from our time together at Dundee United. I know exactly what his qualities are and what he’ll bring to the team, and that’s why we really pushed hard to make him a Hearts player.
“I know he’ll get a great welcome and I’m looking forward to working with him again.”
Hearts sporting director Joe Savage added: “We’ve always said we want to add quality over quantity and that’s what we’ve got in Lawrence; a top quality footballer.
“It’s a big deal for the club, in terms of calibre of player and financial outlay, and once again we’ve been backed by our board and received their full support as we aim to build a squad capable of challenging on two fronts.
“I know our fans will be excited with this one and I’m delighted that we’ve been able to make it happen.”