The England striker had to leave the field in added time of Saturday's 2-0 win over Brighton at the King Power Stadium.
Vardy was limping an hour after the game and joins Kelechi Iheanacho (toe), Danny Drinkwater (thigh), Nampalys Mendy and Robert Huth (ankle) and Vicente Iborra (groin) on the treatment table.
Shakespeare takes his side to Sheffield United in the League Cup on Tuesday ahead of Saturday's Premier League trip to Manchester United but believes Vardy's issue is not serious.
"I have just left Ward 10 in there with a few receiving treatment," said Shakespeare. "Jamie obviously had a few tussles today and has an ankle heavily strapped with an ice pack on it.
"I will go and see how he is shortly but knowing Jamie he will be fine. He does have those battles but we wouldn't change him, would we?"
Drinkwater is likely to rejoin training on Monday while Mendy and Huth have played for the Under-23s in the last two weeks although Iheanacho is still struggling with his toe problem.