The 22-year-old spent time at Macclesfield Town last season, making seven appearances in League Two and has stepped up to League One with Sam Ricketts’ men.
He was picked up by Spurs from Ebbsfleet United, where he began his career, as an 18-year-old.
Right-sided winger Tracey has featured for Spurs in the EFL Trophy. He was compared with former Manchester City star Yaya Toure when joining Tottenham from Ebbsfleet.
Tracey said: “I think I’m quite quick, very strong and I’m good at dribbling. I like to get assists and goals – I like to work hard for the team. The EFL Trophy games I played in for Spurs were good. It was very competitive but I just adapted and got through it.
“I will try my best to get some assists and goals for the team. Shrewsbury is the next step for me in my career – I want to improve my game. I see there are a lot of young players here and Shrewsbury have a record of improving their game.”
Town boss Ricketts said: “Shilow is a young lad from Spurs who went out on loan to Macclesfield last year and we have followed him ever since then really. He is very, very quick and can play anywhere across the front three.”
“Predominantly, he is a winger but he’s someone with explosive power and he’s someone we are looking forward to working with. Hopefully, he can help us and we can help him develop.”
Tracey is the second winger to be added to Ricketts’ ranks this season after Josh Daniels as the Town boss looked for more pace and direct running in his Shrews squad.
The pacy winger is the sixth new recruit in total, after Daniels, Rekeil Pyke, Scott High, Marlon Fossey and Matija Sarkic.