For displaying a round Image with SHADOW with elevation attribute, I created a round drawable WITHOUT SHADOW as shown below :
<?xml version="1.0" encoding="utf-8"?>
<layer-list xmlns:android="http://schemas.android.com/apk/res/android" >
<item>
<shape android:shape="oval">
<solid android:color="@android:color/white" />
</shape>
</item>
</layer-list>
Use this drawable as background in your ImageView as shown below :
<ImageView
android:id="@+id/my_button"
android:layout_width="wrap_content"
android:layout_height="wrap_content"
android:background="@drawable/round_shape"
android:elevation="5dp"
android:src="@drawable/center" />
This will display ImageView with shadow.
One question that might be arising in your mind is why to use xml drawable. As mentioned by other developers on various answers to this question, shadow is formed from background and a bordered background to be more specific.
Xml drawable helps us in creating a bordered background from which elevation attribute can create shadow.