Financial terms were not disclosed, but TSN of Canada reported it as an $800,000 deal, pro-rated for the remainder of the season.
The Devils and Shanahan agreed to a deal in principle this past Saturday, bringing the three-time Stanley Cup champion back to his original team. He is expected to join the club for the remainder of its six-game road trip, which continues Friday in Columbus.
A native of Mimico, Ontario, the soon-to-be 40-year-old was selected by the Devils with the second overall pick of the 1987 draft. He joined the team as an 18-year-old for the 1987-88 season and helped the club reach the playoffs for the first time in the spring of '88.
After four seasons with New Jersey, he signed with the St. Louis Blues as a free agent in July of 1991 -- a move which altered the dynamic of the Devils franchise. The Devils received defenseman Scott Stevens as compensation and went on to capture three Stanley Cup titles behind the Hall of Fame blueliner.
Shanahan played four seasons with St. Louis, then one year with Hartford before a trade to Detroit early in the 1996-97 season. He spent nine seasons with the Red Wings, capturing three Stanley Cup titles, before playing the past two seasons with the New York Rangers.
With the Rangers last year, Shanahan posted 23 goals and 23 assists for 46 points in 73 games.
Shanahan leads all active NHL players in goals scored with 650, ranking 11th on the all-time list, only 18 behind Hall of Fame forward Luc Robitaille. He has also made eight All-Star Game appearances, was selected as a First-Team NHL All-Star twice and played for Canada at the Olympics in 1998 and 2002.
In 2002, Shanahan captured the gold medal in Salt Lake City with Team Canada and won the Stanley Cup with Detroit, becoming only the third player in NHL history, at that time, to win both in the same year.
The gritty winger has appeared in 1,490 career games, adding 690 assists for 1,340 points, along with 2,460 penalty minutes.