Davis played seven games on loan at Walsall earlier in the season
Shrewsbury have signed Wolves midfielder David Davis, Wigan keeper Lee Nicholls and West Brom defender Paul Downing on one-month loan deals.
Davis, 19, has yet to feature for the Wolves first team, but has played 12 loan games at Walsall and Darlington.
England Under-19 international Nicholls, 18, will replace Town youngster Hakan Duyan, who has joined Turkish side Gaziantepspor.
Downing, 19, had a loan spell at Hereford last season.
The trio join the Shrewsbury squad for Tuesday's home game with Burton.
Shrewsbury have also been looking to extend Jermaine Grandison's loan from Coventry City, despite his recent hamstring injury.
Boss Graham Turner has moved to revive his side's promotion hopes from League Two.
Town - pre-season favourites to go up in the automatic places - have slipped to eighth in the table, having won only once in nine outings, but are still just one point shy of a play-off place.
Meanwhile, defender Dean Holden has left Shrewsbury after coming to a mutual agreement with Turner over settling his contract at the club.
Holden's agent had been touting him to other clubs during the transfer window, and Holden only returned to the Shrewsbury side when Grandison picked up his injury.
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