The veteran 34-year-old defender has returned to Saltergate on a one year contract.
"Shane Nicholson is an experienced player who will help provide balance to the side and joins Alan O'Hare and Mark Innes as natural left sided players," manager Roy McFarland told the clubs official site.
Nicholson made 23 league appearances for the Spireites between August 1998 and June 1999 before moving onto Stockport on a free transfer.