The star, who has graced the stage in both the Broadway and West End versions of the hit show, will join conductor Rob Fisher for what will be her directing debut.
Shields says, "I have been inspired by working with Rob Fisher on many projects and his belief in me and my talent has been a true blessing. He has asked more of me than any other musical director and it is why I have achieved more than I ever dreamed possible.
"My passion for Chicago began decades ago, purely as a fan. Years later, after having a dance session with Annie Reinking, she asked me to join the Chicago company. I will never forget her endorsement of me."
The actress adds, "I have performed in the show in London and on Broadway and get excited by the score from the moment the overture begins. I have repeatedly been surprised by how current the piece remains and how relevant the themes are. The score, the choreography and the book are, I believe, some of the best and most enduring ever.
"I am honoured to have been asked to make my directorial debut on such an important musical, and one that is so dear to my heart."
The musical will hit the Hollywood Bowl for three performances on 26 - 28 July (13).