Shaw was rewarded for his fine form with his first England cap last month, while a number of clubs are believed to be considering making a bid for the 18-year-old in the summer.
Ward-Prowse believes that the defender deserves credit for handling the pressure which has arrived as a result of his impressive displays in the Premier League.
"Credit to Luke, he's dealt with it well," the midfielder told reporters. "With all the media side of it, the attention he's had, he's coped with it well and not let it get to him.
"He's performed week in and week out even when people have said he's this, that or the other.
"He was always talked about as being the next big thing and he's lived up to that."
Ward-Prowse and Shaw are both expected to be involved against Manchester City on Saturday afternoon.