"The next step is interesting," the 34-year-old said during a visit to New Delhi for a sponsor's event when he was asked his future plans after leaving English Premiership giants Chelsea.
"I will announce it soon. But as of now, you will just have to wait."
The Chinese Super League club have been linked with Drogba, who announced his departure from Chelsea after helping them win the Champions League final against Bayern Munich last month.
Drogba scored a late equaliser and then a penalty to help Chelsea beat the German club in Munich to secure their first ever Champions League title.
Drogba is reportedly also being sought by Al Wasl of the United Arab Emirates.
The striker joined Chelsea from Marseille in 2004 and went on to score 157 goals in 341 appearances for the club, helping them win 10 trophies.
"Chelsea were very good for me," Drogba said. "I shared a special relationship with the club. It was a difficult decision to leave them."
If the deal with Shanghai Shenhua goes through Drogba could play alongside his former Chelsea team-mate Nicolas Anelka.
Shenhua's new manager Sergio Batista said on Friday that a final announcement on Drogba was unlikely to be made before the end of the month.
Drogba was due to take part in a 20-minute indoor football game alongside Indian cricketers Mahendra Singh Dhoni, Virat Kohli and Harbhajan Singh later on Sunday.
Source: AFP
Source: AFP