McShane has made 22 appearances this season, including several man-of-the-match performances, as he benefits from playing under the guidance of manager Steve Bruce.
The Republic of Ireland defender started his career at Manchester United and had spells with Brighton & Hove Albion, West Bromwich Albion and Sunderland before signing for Hull.
McShane struggled to nail down a place in East Yorkshire and was sent out on loan to Barnsley and Crystal Palace, but has recently enjoyed a renaissance under Bruce.
"I probably haven't had a more consistent spell than this," said McShane.
"I'm 27 now and I've got a lot of experience behind me. I've learned from my years of playing and I think playing at centre back this year has been one of the main reasons (for my form).
"I came to the club as a centre back, but I was asked to do a job as a right back in my first game and I seemed to stay there.
"I'm happy it's going well. I don't know if I've changed as a player. I've learned a lot and I've played a lot of games in the league and internationally, so I think I've grown as a player and matured a bit more. I think every player does that.
"We've seen some really good people come into the club this season and the gaffer is a winner. He's given me the opportunity to play and I really appreciate that."