Montreal sent general and targeted allocation money to Chicago in exchange for Shipp.
“We are very pleased to have been able to acquire Harry and we are looking forward to him joining our group,” Impact technical director Adam Braz said in a news release.
“He is a player who has already shown he can produce in this league and we feel that he will fit well into our team and into our style of play.”
The Illinois native should be a welcome addition after the Impact lost Nigel Reo-Coker, Dilly Duka and Justin Mapp during the off-season. Shipp can play out wide or as a central attacking midfielder.
The 24-year-old has spent his entire professional career with the Fire since he signed a homegrown contract with the club in January 2014. He has recorded 14 goals and 10 assists in 66 MLS appearances.