
Kaikai made a great impression during his three-month spell in Shropshire earlier this season, scoring five goals in 17 appearances for the club including four in five games which saw him won the PFA Fans' Player of the Month award for October.
Shrewsbury manager Micky Mellon told BBC Radio Shropshire after the confirmation of Kaikai’s return that he is pleased to have the lad again with them.
"We have got a really talented player in the building," the Shrewsbury manager said. "He's still our top goal scorer- that's how valuable he was to us. “He’s a good kid; he was very, very keen to come back."
The loan move has ended Kaikai’s hopes for premier league bow this season, the youngster recently made it onto the Palace bench for the game away to Swansea City but wasn't able to add to his single Eagles appearance which saw him score against Newcastle United in the Capital One Cup in September 2014.