Moreno, who flew to China on Friday, will join Ivory Coast striker Didier Drogba and former France forward Nicolas Anelka at the ambitious Chinese club led by former Argentina coach Sergio Batista.
"The agreement is signed. The two sides signed a two-plus-two-year contract," Shenhua said on their website.
According to media reports, the deal - two years plus a possible two-year extension - is worth some $9 million.
Moreno, 25, joined Argentina's Racing Club from Colombia's Atletico Nacional in July 2010.
His first championship in Argentina, the Apertura in the first half of the 2010/11 season, was his best. Creative, with silky skills, he was widely regarded as the best player in the country, especially with Boca Juniors' Juan Roman Riquelme out for most of the tournament through injury.
However, in Racing's opening match of the Clausura in February 2011, Moreno damaged knee ligaments and he was out for more than six months, missing the Copa America in Argentina last July.
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