The 19-year-old midfielder links up with the Dragons in time to make his potential debut in Saturday's local derby encounter with Chester.
Wrexham are currently 14th in the National League and travel to the Lookers Vauxhall Stadium bidding to close the gap on their near-neighbours to just a single point.
The move presents Shenton with the first loan opportunity of his career, having made 16 appearances for the U23 side this term, three of which came in the Checkatrade Trophy.
The Blythe Bridge born midfielder initially made his breakthrough at the bet365 Stadium in February 2015, when Mark Hughes handed him his Premier League debut against Manchester City.
However, whilst he has continued to impress at Premier League 2 level, he has been unable to force himself into Mark Hughes' first-team plans since.
Meanwhile, defender Johnville Renee-Pringle has joined League One side AFC Wimbledon on a permanent deal.