The 54-year-old had two spells in charge of the Foxes, accompanied by close friend Shakespeare as assistant on both occasions, before being sacked in 2015.
Pearson has now been tasked with earning promotion at new side Leuven, who are owned by the Srivaddhanaprabha family, and current Leicester boss Shakespeare hopes that the relationship between the clubs will only get stronger.
"I'm very pleased to see him back in the game, everyone knows my association with Nigel," he told reporters. "We've kept in regular contact... when he picks his phone up. It's great to see a real football person back in it. Also I think it's a great shout on the owner's part, he's a real good manager and hopefully they can go forwards now.
"I think I know how highly the owners regard Nigel, and nothing should surprise you in football. He's had his time away from football, but knowing how he works and what he's capable of, I'm really pleased to see him back in. I spoke to him this morning, he let me know about it.
"We'd always spoken about that and he'd always hinted that he'd like the opportunity to work abroad. He was never one of those coaches that wanted to stay in England, he's always wanted to broaden his horizons. This gives him the opportunity and he seems really enthusiastic."
Pearson more recently spent time at Derby County, where he lasted less than five months before being sacked in October 2016.