Brendan Rodgers’ Celtic are looking to claim their eighth consecutive Scottish Premiership.
And Shanley believes that the January window will prove absolutely pivotal in the title race.
"This is one of the most interesting and important transfer windows in the last 10 years - or maybe since the transfer system was changed in the mid 2000s,” he claimed.
"Celtic need to make sure they strengthen to hold on going for eight in a row.
Kilmarnock are only one point behind Celtic and Rangers (Image: GETTY )
Rodgers has been brilliant as Celtic manager (Image: GETTY )
"Rangers are finally now looking like they are in a title challenge.
"Kilmarnock are only a point off Rangers and Celtic and we're at the winter break, the halfway stage.
"It's incredible. They accumulated more points in the league in the calendar year of 2018 than anyone else - although they did play a couple of games more.
Kilmarnock have also played a game more than Celtic but are in possession of midfielder Jordan Jones, who’s been instrumental in Killie’s success this season.
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Gerrard looks to be pushing the title race down to the wire (Image: GETTY )
Rangers were said to have been sniffing round for Jones’ signature, but Chanley believes keeping him will prove vital for Kilmarnock.
"He's out of contract at the end of the season now. Will he sign a pre-contract? I don't think he will stay,” he added.
"But for them, what's the point of selling him now for a couple of hundred thousand pounds when they could earn that depending on where they finish in the league.
"They want to hold on to players rather than sign anyone but Steve Clarke has done an excellent job and, at the minute, they're in with a shout."