Sheppard, 26, appeared in 57 games for the Sharks this season and totaled 16 points (five goals, 11 assists) in an average ice time of 13:43. The five-year veteran had been with the Sharks since 2011, when he was acquired from the Minnesota Wild for a third-round pick.
Sheppard has a $1.3 million cap hit for this season and will become an unrestricted free agent after the season.
The Rangers also made two other moves on Sunday, acquiring defenseman Keith Yandle from the Arizona Coyotes and sending right wing Lee Stempniak to the Winnipeg Jets in exchange for prospect Carl Klingberg.
The Rangers (38-17-6) trail the New York Islanders by two points in the Metropolitan Division, though the Islanders have played three more games.
- Mike Fiammetta