The daredevil team will appear in the skies above the county town at approximately 2.56pm on Sunday, June 8, before heading off to perform at the Cosford Air Show.
The air display team aims to fly west of the Quarry bandstand and over St Chad's Church.
Last year's event, which takes place in the Quarry Park and on the River Severn, attracted over 7,500 visitors.
The theme for this year's festival is 'Return of the Pirates', in tribute to local businessman the late Graham Galliers, who died last year. Mr Galliers was instrumental in improving access to the river for everyone, which he saw as a boost to the local tourist economy.
He was also one of the initial driving forces behind the Shrewsbury River Festival and felt that the fun family event was a fantastic way of introducing people of all ages to the many facets of the river.
"We're really excited to confirm that the Red Arrows will be flying over our event," said Tony Durnell, chairman of the 2014 Shrewsbury River Festival organising committee. "We're also really pleased that the Street Pastors are on board as our partner - the valuable community work that they carry out in the town on Friday and Saturday nights is priceless."
The event takes place in the Quarry Park and on the River Severn.