diff --git a/Lib/asyncio/tasks.py b/Lib/asyncio/tasks.py
index cf4787db1730597..979f8d2f83eb1eb 100644
--- a/Lib/asyncio/tasks.py
+++ b/Lib/asyncio/tasks.py
@@ -938,25 +938,6 @@ def _done_callback(fut, cur_task=cur_task):
     return outer
 
 
-def _log_on_exception(fut):
-    if fut.cancelled():
-        return
-
-    exc = fut.exception()
-    if exc is None:
-        return
-
-    context = {
-        'message':
-        f'{exc.__class__.__name__} exception in shielded future',
-        'exception': exc,
-        'future': fut,
-    }
-    if fut._source_traceback:
-        context['source_traceback'] = fut._source_traceback
-    fut._loop.call_exception_handler(context)
-
-
 def shield(arg):
     """Wait for a future, shielding it from cancellation.
 
@@ -1021,9 +1002,6 @@ def _inner_done_callback(inner):
     def _outer_done_callback(outer):
         if not inner.done():
             inner.remove_done_callback(_inner_done_callback)
-            # Keep only one callback to log on cancel
-            inner.remove_done_callback(_log_on_exception)
-            inner.add_done_callback(_log_on_exception)
             if cur_task is not None:
                 inner.remove_done_callback(_clear_awaited_by_callback)
                 futures.future_discard_from_awaited_by(inner, cur_task)
diff --git a/Lib/test/test_asyncio/test_tasks.py b/Lib/test/test_asyncio/test_tasks.py
index 570810a231b48d2..c380dcfec213951 100644
--- a/Lib/test/test_asyncio/test_tasks.py
+++ b/Lib/test/test_asyncio/test_tasks.py
@@ -2153,7 +2153,7 @@ def test_shield_cancel_outer(self):
         self.assertTrue(outer.cancelled())
         self.assertEqual(0, 0 if outer._callbacks is None else len(outer._callbacks))
         self.assertFalse(inner._asyncio_awaited_by)
-        self.assertTrue({f for f, _ctx in inner._callbacks or []} <= {asyncio.tasks._log_on_exception})
+        self.assertFalse(inner._callbacks)
 
     def test_shield_cancel_outer_result(self):
         mock_handler = mock.Mock()
@@ -2168,6 +2168,8 @@ def test_shield_cancel_outer_result(self):
         mock_handler.assert_not_called()
 
     def test_shield_cancel_outer_exception(self):
+        # gh-156321: an exception in the inner future must not be reported
+        # eagerly, as it may still be retrieved later.
         mock_handler = mock.Mock()
         self.loop.set_exception_handler(mock_handler)
         inner = self.new_future(self.loop)
@@ -2177,7 +2179,29 @@ def test_shield_cancel_outer_exception(self):
         test_utils.run_briefly(self.loop)
         inner.set_exception(Exception('foo'))
         test_utils.run_briefly(self.loop)
+        mock_handler.assert_not_called()
+        self.assertIsInstance(inner.exception(), Exception)
+
+    def test_shield_cancel_outer_exception_never_retrieved(self):
+        # gh-156321: an exception nobody retrieves is reported by the inner
+        # future itself when it is garbage collected, like any other future.
+        mock_handler = mock.Mock()
+        self.loop.set_exception_handler(mock_handler)
+        inner = self.new_future(self.loop)
+        outer = asyncio.shield(inner)
+        test_utils.run_briefly(self.loop)
+        outer.cancel()
+        test_utils.run_briefly(self.loop)
+        inner.set_exception(Exception('foo'))
+        test_utils.run_briefly(self.loop)
+        mock_handler.assert_not_called()
+        inner = None
+        outer = None
+        support.gc_collect()
         mock_handler.assert_called_once()
+        context = mock_handler.call_args[0][1]
+        self.assertEndsWith(context['message'], 'exception was never retrieved')
+        self.assertIsInstance(context['exception'], Exception)
 
     def test_shield_cancel_outer_in_task(self):
         inner = self.new_future(self.loop)
@@ -2192,9 +2216,9 @@ async def coro():
         task = self.new_task(self.loop, coro())
         self.loop.run_until_complete(task)
         self.assertFalse(inner._asyncio_awaited_by)
-        self.assertTrue({f for f, _ctx in inner._callbacks or []} <= {asyncio.tasks._log_on_exception})
+        self.assertFalse(inner._callbacks)
 
-    def test_shield_duplicate_log_once(self):
+    def test_shield_cancel_outer_twice_exception(self):
         mock_handler = mock.Mock()
         self.loop.set_exception_handler(mock_handler)
         inner = self.new_future(self.loop)
@@ -2206,9 +2230,11 @@ def test_shield_duplicate_log_once(self):
         test_utils.run_briefly(self.loop)
         outer.cancel()
         test_utils.run_briefly(self.loop)
+        self.assertFalse(inner._callbacks)
         inner.set_exception(Exception('foo'))
         test_utils.run_briefly(self.loop)
-        mock_handler.assert_called_once()
+        mock_handler.assert_not_called()
+        self.assertIsInstance(inner.exception(), Exception)
 
     def test_shield_shortcut(self):
         fut = self.new_future(self.loop)
diff --git a/Misc/NEWS.d/next/Library/2026-10-01-16-45-00.gh-issue-156321.Kq3xVt.rst b/Misc/NEWS.d/next/Library/2026-10-01-16-45-00.gh-issue-156321.Kq3xVt.rst
new file mode 100644
index 000000000000000..2101e9a899e5073
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2026-10-01-16-45-00.gh-issue-156321.Kq3xVt.rst
@@ -0,0 +1,5 @@
+Fix :func:`asyncio.shield` reporting an exception from the inner future
+through the loop exception handler as soon as it completes after the shield
+was cancelled, even when the exception is retrieved afterwards. The
+exception is now reported only if it is never retrieved, as with any other
+future.