Shaw goes as Travis moves in on loan
Twenty-year-old Travis has made himself a reserve team regular at Bramall Lane over the past two seasons.
Chesterfield manager Lee Richardson said: "We have been keeping an eye on Nicky Travis and the chance for him to join us is quite timely in view of our current situation as he can be used in a number of positions."
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Hide AdShaw, aged 33, has made 417 appearances and scored 90 goals for several clubs since starting his career began at Arsenal in September 1991.
He joined Chesterfield from Rotherham United in June 2006 and has since made 34 appearances for the Spireites.
Richardson said: "Paul is an experienced player but there are currently limited opportunities for him, so it seemed best all round for us to reach a settlement on his contract.
"We thank Paul for his endeavours at Chesterfield and wish him well for the future."
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Hide AdShaw said: "I fully understand the situation and, although I am disappointed, I didn't fulfil want I wanted to achieve at Chesterfield.
"I wish the club well and am now looking forward to progressing my career elsewhere."