"I am really pleased that it's all sorted out now," Shaw told the club's official website.
"It seemed like a bit of a saga but negotiations didn't get underway until Mick McGuire returned from holiday on Monday.
"We originally said that we expected a decision between 48-72 hours and it has taken a little bit longer but now it's done I'm really happy for everyone.
"It's great news for the fans and after doing so well next season we can now all look forward to the new campaign."