The three-year CFL veteran was slated to become a free agent. Shaw handled all kickoff and field-goal duties for the Eskimos this past season.
He made 32 of 42 field-goal attempts and had 40 converts.
Shaw also took over punting duties when Burke Dales was injured in early September. He closed the season with the second highest punting average in the league with 46.1 yards over 70 punts.
Shaw earned CFL Special Teams Player of the Week honours twice in 2012.
Before being traded to his hometown team in December 2011, Shaw spent two seasons with the Toronto Argonauts.