The England international appeared to damage his ankle in a collision with opposition keeper Mathew Ryan at the King Power Stadium, forcing him off the field in added time.
Shakespeare expects Vardy to quickly shake off the injury, however, while also providing a positive update on the fitness of midfielder Danny Drinkwater and recent acquisition Kelechi Iheanacho after both sat out Saturday's match.
"I have just left ward ten in there with a few receiving treatment," he told reporters. "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?
"Danny trained outside on Friday and did a bit more today so I expect him to join in with the group on Monday. He could potentially be back next week. I will assess him on Monday and see how he goes with regards Tuesday. Knowing him he will want to play, but obviously with the thigh strain we have to make sure we don't rush him.
"Kelechi did some training instead and we will give him every opportunity. If you have a sore toe the likelihood is you will get a knock on it within a couple of days to aggravate it. That is what has happened. He picked up the injury against Monchengladbach but then picked up another knock on it in training.
"I have said I wanted to pull him out because we couldn't get him to the fitness levels we want because he is in discomfort. The sensible thing to do was give him a rest and see how he goes. We haven't put a timescale on it. Hopefully, when he is 100% and we can get some fitness in him we will see a real player."