Lopez impressed during a trial at the Terriers during the summer but after making just one appearance for the club, the Spaniard has welcomed a move to the League One outfit.
The 24-year-old told BBC Radio Shropshire: "It is an important opportunity to play. I like English football. It is good, and I want to play here."
The former Real Madrid and Valencia reserve team player will be available for Shrewsbury's match against Gillingham at the weekend.