I'm not entirely sure. The auld, owld, as ye olde brain bulb is fuzzy.

I performed some research for you and Google is again ever more useless. Bing appears to follow the same route. So, to the oft-used aphorism, IIRC ...

The shift lever linkage attached to M47 & M47 II for 240 is different and is a shorter length from the rear of the gearbox. The linkage used for M47 & M47 II 240 is more of a cage, I guess.

On 700/900, behind a four cylinder red block non-turbo, the linkage on an M47 and M47 II is longer and appears as a solid cast aluminum alloy linkage like that on M40/400/41/410 on 100-series.

Again, IIRC, and others here and at our beloved Turbobricks will know better than me.

A 1994 940 such as yours is crank (angle) position sensor for Bosch EZK116 ignition or on your 1994 940, I guess, Motronic. So the bellhousing attached comprising the M47 assembly you plan or hope to swap into your 1994 940 non-Turbo (or normally aspired, yet I may write aspried, tee hee!), must include the notch at the bellhousing top to accommodate the crank position sensor bracket.

You will also need a driveshaft to suit this application, with the flex coupler disk guibo (not giubo as Uncle Arty B. corrects us some years ago), a transmission mount bracket as they don't swap between 200 and 700/900, a bolt on or fabricated pedal box for clutch pedal, and some other odds and ends. And a cable (preferred) or hydraulic-actuated clutch.

You'll take the large or high mass 'dog dish' flywheel and all bits backward inside the bellhousing with M47. Take all components. I suspect you'll have some fabrication to fit the bits from the output flange backward. A 240 M47 driveshaft is shorter then the same from the factory setup on non Turbo 700 / 900. Use the flex coupler guibo disk. Get a new flex disk also.

Use this flex disk:
https://www.amazon.com/SGF-GAB01-017-German-Coupler-30-00mm/dp/B00MYF4AVY/ref=sr_1_15/184-7806471-6842441?m=AV70LXAZO17XA&s=merchant-items&ie=UTF8&qid=1461426967&sr=1-15

The SGF GAB01 017 is a drop in fit yet is beefier than the made by SGF model Volvo sells. Don't use aftermarket!

The wire harness for your engine control has a jumper someplace, I believe under the left side foot well, that you change so engine control operates as if the driveline is manual transmission fitted.

Take care with a used M47 or M47 II. For mileage or prior owner abuse or the wrong gearbox lube. If the M47 gearbox you covet has been removed from the 240, inspect the fluid and the magnet loads in the fill and drain plugs. If the fluid is brown from extreme age, has silver flecks in the old fluid, or shows leaking at the stupid paper thin gaskets Volvo specified here, or the stupid easily dislodged shift lever shaft seal (on the rear gearbox proper wall, not the rear splash / fifth gear chamber), it may help reduce your risk to perform some manner of restoration by replacing these paper thin and now brittle seals, other seals like the input shaft and final output flange seal, and the top plate seal.

You may want to inspect the synchros and main and layshaft bearings also, if from a high mileage 240.

If in good condition, with quality synthetic gearbox oil, and driven gently, as in don't force the shifts, M47 may endure as long as you own your 1994 940.

For gearbox oil, I use and much prefer the Super Shift® Racing Transmission Fluid SAE 10W
https://www.amsoil.com/p/super-shift-racing-transmission-fluid-sae-10w-art/

It is Ford "Type F" compliant.

There exist articles by Turbobricks and Brickboard user vvpete mentions the Volvo lubricant Volvo PN 1161645 for M47 as the same as that used to factory fill the M47 gearbox.

Also, search for articles about overfilling the gearbox by raising the fill and drain plug side of the RWD Volvo on filling it.

http://www.brickboard.com/FAQ/700-900/TransmissionManual.htm

Helpful not helpful, FAQ.

Search for articles here and on Turbobricks for more info on such swaps.

Don't put M47 behind a Turbo motor. M47 is a frail thing yet lasts with care and normal driving. Not burnouts as on the sometimes stupid facebook RWD forums.

Questions?

Does that help?

Happy Friday.

No Buttermilk and Sourdough Boyeeeeeeeeeeeeee