Arjun, son of batting great Sachin Tendulkar, recently made his Mumbai senior debut in the Syed Mushtaq Ali Trophy when he played against Haryana, albeit in a losing cause.
The 21-year-old has bowled to the Indian team in the nets in the past.
Shaw was part of the India's squad which won the Test series in Australia 2-1. He, however, featured only in the Adealaide Test which India lost by eight wickets.
Besides Arjun and Shaw, India batsman Shreyas Iyer, all-rounder Shivam Dube, Suryakumar Yadav, Aditya Tare, Siddhesh Lad, young opener Yashasvi Jaiswal, Sarfaraz Khan and Arman Jaffer have been named in the list of 104 players.
Experienced pacer Dhawal Kulkarni was also named for the camp beginning on Monday.
"All the above selected players are requested to report at MCA Sharad Pawar Cricket Academy, Bandra Kurla Complex on Monday, 1st February 2021 at 8.00 am in coloured clothing," MCA secretary Sanjay Naik and Joint Secretary Shahalam Shaikh said in a statement.
The BCCI will not be conducting Ranji Trophy this year with the parent body opting for the Vijay Hazare Trophy, the U-19 National One Day tournament and the Women's national 50-over tournament.