Gerrard, 37, who has also agreed to coach at League One side Oldham Athletic, will split his time between the two clubs.
Shrews boss Graham Turner said: "Paul was in with us on Friday and I have been delighted with what I have seen."
He added: "His sessions will be challenging for our keepers and I am sure that they will benefit from working with Paul.
"I do feel that we need to add another keeper to our squad and with Paul's help we will be looking to bring another keeper in.
"He knows a lot of keepers and his experience should be invaluable in helping us choose the right person."
Source: BBC Sport
Source: BBC Sport