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Shrewsbury boss Jimmy Quinn said: "The final agreement was reached with Crewe yesterday (Wednesday) and myself and Lee are both happy.
"He gives us extra strength in depth in midfield and it will be better for the lad himself to be trying to force his way into our first team rather than sitting on Crewe's bench."
He only made two substitutes appearances for the reds away at Wimbledon in August and away at Coventry in September and has found himself well down the pecking order with the inspired summer acquisition of Justin Cochrane making the spot his own and ample cover from the likes of Neil Sorvel, Ben Rix and Kenny Lunt.
It will see Bell re-united with ex-Alex boys Kevin Street and his best mate (!) Colin Cramb.