The 34-year-old winger was previously one of nine players released by the MLS club in December at the conclusion of the 2015 season, having failed to crack the starting line-up following his summer arrival.
However, he will now be returning to Red Bull Arena for 2016, with the team announcing his re-signing on Monday afternoon along with new multi-year deals for playmaker Mike Grella, goalkeeper Luis Robles and midfielder Sal Zizzo.
Quoted on the club’s official website, sporting director Ali Curtis said: “We are happy to bring Shaun back and to sign three of our key core players to new multi-year contracts.”
Wright-Phillips, whose younger brother Bradley has played for the Red Bulls since 2013, originally joined the club last summer following a month-long training stint, having left Queens Park Rangers on a free transfer at the end of the 2014-15 Premier League season.
However, the extremely impressive form of fellow wide men Lloyd Sam and Grella limited the ex-England and Chelsea midfielder to just one start in 14 appearances over the second half of the campaign, recording one goal and an assist as Jesse March’s men went on to lift the Supporters’ Shield as the team with the best regular season record.
They ultimately saw their hops of a first-ever MLS Cup title ended by a 2-1 aggregate defeat to Columbus Crew SC in the Eastern Conference final but should be legitimate championship contenders again in 2016 after keeping the core of their roster intact over the offseason, as well as signing a host of talented homegrown prospects.