We investigate the current and noise characteristics of a double quantum dot system. The strong correlations induced by the Coulomb interaction and the Pauli principle create entangled two-electron states and lead to signatures in the transport properties. We show that the interaction parameter phi, which measures the admixture of the double-occupancy contribution to the singlet state and thus the degree of entanglement, can be directly accessed through the Fano factor of super-Poissonian shot noise.