Find coordinate of the closest point on polygon in Shapely

While the answer of eguaio does the job, there is a more natural way to get the closest point using shapely.ops.nearest_points function:

from shapely.geometry import Point, Polygon
from shapely.ops import nearest_points

poly = Polygon([(0, 0), (2, 8), (14, 10), (6, 1)])
point = Point(12, 4)
# The points are returned in the same order as the input geometries:
p1, p2 = nearest_points(poly, point)
print(p1.wkt)
# POINT (10.13793103448276 5.655172413793103)

The result is the same as in the other answer:

from shapely.geometry import LinearRing
pol_ext = LinearRing(poly.exterior.coords)
d = pol_ext.project(point)
p = pol_ext.interpolate(d)
print(p.wkt)
# POINT (10.13793103448276 5.655172413793103)
print(p.equals(p1))
# True

Please, do not up-vote this answer, the correct answer is @Georgy 's answer below.

My answer for reference:

There is an easy way to do this relying on Shapely functions. First, you need to get the exterior ring of the polygon and project the point to the ring. It is mandatory to get the exterior as a LinearRing since polygons do not have the projection function. Opposed to intuition, this gives a distance, the distance from the first point of the ring to the point in the ring closest to the given point. Then, you just use that distance to get the point with the interpolate function. See the code below.

from shapely.geometry import Polygon, Point, LinearRing

poly = Polygon([(0, 0), (2,8), (14, 10), (6, 1)])
point = Point(12, 4)

pol_ext = LinearRing(poly.exterior.coords)
d = pol_ext.project(point)
p = pol_ext.interpolate(d)
closest_point_coords = list(p.coords)[0]

It is important to mention that this method only works if you know the point is outside the exterior of the polygon. If the point is inside one of its interior rings, you need to adapt the code for that situation.

If the polygon doesn't have interior rings, the code will work even for points inside the polygon. That is because we are in fact working with the exterior ring as a line string, and ignoring whether the line string comes from a polygon or not.

It is easy to extend this code to the general case of computing the distance of any point (inside or outside of the polygon) to the closest point in the polygon boundary. You only need to compute the closest point (and distance) from the point to all line rings: the exterior ring, and each interior ring of the polygon. Then, you just keep the minimum of those.