The 34-year-old was released by Salop following the expiry of his contract at the end of the 2021-22 season, and is set to link up with fellow Scouser John Coleman, who is manager of Stanley, once again, having managed Whalley in his first stint at the club between 2006 and 2008.
Coleman has already added two new faces to his side this summer, with Newcastle United midfielder Mo Sangare and Brackley Town attacker Matt Lowe both arriving at the Wham Stadium.
Whalley is now set to become the third addition to Accrington’s squad, adding more competition in the attacking areas of the pitch.
The veteran wide player spent seven years at Shrewsbury, with all of his 214 league appearances coming in the third tier of English football.
In that time, Whalley scored 33 times and also notched 43 assists, but is set to embark on a fresh challenge in Lancashire.