The 21-year-old former England Under-19 and Under-20 International signed for the Shrews at the end of last month but has so far yet to find the net in seven appearances.
Town manager Graham Turner told the club`s official website: "Tope has done well since joining us and has been a great addition to the squad.
"He`s been asked to play in a number of different roles and brings a little more quality into our squad.
"It`s good that we have been able to agree an extension with Bolton and that Tope wants to stay and play for Shrewsbury Town."
Source: PA
Source: PA