Gray, 21, has started just 10 Premier League matches since joining Leicester from Birmingham City in January 2016, and it has been claimed that a number of clubs, including Everton and Tottenham Hotspur, want to sign the attacker this summer.
Shakespeare, however, has said that he has already spoken to Gray about his future with the Foxes, and appeared to offer assurances over his involvement during the 2017-18 campaign.
"We've had those conversations. I understand the frustration of young players expecting and wanting more time. But on the other hand they have to be respectful of their teammates and who is in front of them," Shakespeare told reporters.
"Hopefully he can get more game time. He's a player of huge potential who is rated very highly here among the coaching staff and his own players. He's a young lad and I understand the frustrations but hopefully this season we will see him playing more."
Gray scored twice for England Under-21s this summer as Aidy Boothroyd's team reached the semi-finals of the Under-21 European Championships in Poland.