He was part of the team that defeated Manly Sea Eagles to lift the World Club Challenge in 2012 and has previously worked under Trinity head coach Richard Agar in a brief loan spell at Hull FC in 2010.
The former England Academy international is keen to kick-on in his career and show his qualities in the red, white and blue.
"I want to play as much as I can and get back to enjoying my rugby again," said McShane. "I've been in and out for the last two or three years when I'd have liked to have been more regular.
"It's a fresh start. I've been at Leeds a long time - since I was 16 - so to have the change is for the best."
McShane is the latest former Rhinos man to make the move across West Yorkshire, following the likes of Ali Lauitiiti, Lee Smith and most recently, Richard Moore.
He has also been a teammate of another new signing in Daniel Smith and says having spoken to those individuals as well as Richard Agar, he is ready for the challenge of establishing himself at the Wildcats.
"He (Richard Agar) gave me my first opportunity to play first team rugby and I enjoyed my time under Rich. I met with him last week and we had a really good chat and I've got a lot of respect for Rich so it'll be good.
"I've spoken to a few of the guys I played with at Leeds over the last few days and they've just been filling me in on the club and welcoming me on board.
"I think Wakefield have added some quality. I know Dan and I think going to Australia's done him a lot of good. He had a lot of potential at Leeds and now hopefully he can fulfill that here."
"Paul's a very talented player and very creative out of dummy half," commented Agar. "He's at that stage of his career now where he needs to be playing regularly and we think he can become a dominant and prominent player for us.
"We think we can provide him with the platform and environment to play his natural game and get more consistency in his performance.
"We've spoke about him being a leader and using his experience from being at Leeds to become that player and we're delighted to capture someone of his pedigree."
McShane is the fourth new signing as the 2014 squad and fans will get to see them in action first on Boxing Day when Wakefield travel to Headingley Carnegie for the Heatshot Festive Challenge, kick off 11.30am.
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