The Chinese club, who signed Nicolas Anelka from Chelsea in January, are keen to raid the Premier League again and are locked in talks over possible moves for Anelka's former team-mate Didier Drogba and Upson.
The latter's future at Stoke has been the subject of speculation in recent weeks with the England international finding himself down the pecking order at the Britannia Stadium.
The 32-year-old has only made five Premier League starts for Stoke since arriving from West Ham last summer and he was linked with a move to Southampton before the close of the transfer window.
Shenhua official Ma Yue has confirmed talks are ongoing regarding Chelsea striker Drogba and Upson, but has refused to divulge how close the deal is to being done.
"There is nothing confirmed. We are still in the midst of discussions," Yue told Reuters.