I read comments about 
saying he won't get a VU, that is completely stupid. Scruffy HIMSELF noted that the current plan is to give him a light VU (Maokai/Alistar tier) to accompany his GU. Links to the sources are below:
http://www.surrenderat20.net/2015/09/red-post-collection-champion-update.html#1
https://twitter.com/MarkYetter/status/647202717333499906
Thund3r Ang3l1 votesHe is gettin a small VU, Donst mean they are going to change him dramatically =). They said they are going to add some Armors so he looks more beefy.
Moonboy651 voteshence why i added Maokai/Alistar
Big Lincoln1 votesmaybe Shen will actually look good unlike their other VUs of the same caliber
Moonboy652 votesI actually like Alistar's new model, don't care much for Maokai since I don't play him
Garentheon1 votesMeddler said recently that he''l definitely not be updated this year
Moonboy651 votesnext year bruh, he comes after Yorick
DwarvenGiant1 votesProbably before Yorick. As far as we know, Yorick's a rather long way off and is a bigger project than Shen. I suppose that we'll see Shen's update sometime in the first or second quarter of 2016, and Yorick's in the second (at the earliest) or late third quarter of 2016. Just speculation based what I remember from Red Posts though. :P
Moonboy651 votesyep