Agent Drew Rosenhaus met with Packers team officials at the NFL scouting combine.
Shields intercepted four passes last season, tying his career-high.
He played last season under a $2.023 million restricted free agent tender.
"I think Sam has been a good player for us, and he does a good job," Packers general manager Ted Thompson said. "And he's one of the fellas we'd like to have back."
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Aaron Wilson covers the Ravens for The Baltimore Sun