The right-hander, who last played for India back in 2015, suddenly stormed back into the national reckoning and was named in the Indian T20I squad for the three-match series against Bangladesh.
Trent Boult and Lockie Ferguson are still recovering from injury.
Shaw injured his shoulder during the Ranji Trophy match against Karnataka.
The source further revealed that Pandya can clear Yo-Yo test even in his sleep and he is targetting the home ODI series against South Africa in March for his comeback.
The T20I series between India and New Zealand is set to begin on January 24.
Pandya, who last played for India in a T20I game against South Africa in Bengaluru last September, is recovering from a chronic lower back injury.
Latham sustained a fracture to a finger on his right hand and is looking at a month out of the game.
The 32-year-old was part of the Indian team which traveled to New Zealand in 2013-14, where India lost the 5-match ODI series 4-0.
The much-awaited tour will get underway with the first T20I on January 24.
Hanuma Vihari's base price was 50 Lakh but was not picked by any of the eight IPL franchises.