The match comes just four days after the two teams locked horns in the EFL Cup, with Leicester emerging as 2-0 winners on home soil to book their spot in the round of 16.
There is no getting away from the fact that Leicester have struggled for results in the early stages of the 2017-18 campaign, but the Foxes have had a very tough run of fixtures.
The Foxes then lost at Manchester United and at home to Chelsea, before picking up a 1-1 draw at Huddersfield Town last weekend. A total of just four points from five matches has left the former English champions in 15th spot in the table.
Liverpool at home represents another tough test for Leicester this weekend, but the Foxes will face Bournemouth, West Bromwich Albion and Swansea City in their next three, which is a run of fixtures that should bring a healthy return of points.
Worryingly for Leicester, they have kept just one clean sheet and conceded 18 goals during their last eight Premier League matches, and a defeat this weekend would equal their lowest points tally after six matches of a Premier League season.
As mentioned, however, Shakespeare's side will enter the match off the back of a 2-0 win over Liverpool in the EFL Cup on Tuesday night, and the Foxes will be looking to pile more misery on the under-pressure Reds this weekend.
Recent form: LWLLD
Recent form (all competitions): WWLLDW
Liverpool collected seven points from their first three matches of the 2017-18 Premier League season, and everything was rosy at the club when they recorded a thumping 4-0 win over Arsenal on August 27.
Since then, however, Jurgen Klopp's side have failed to win in four matches across three separate competitions. The Reds were thumped 5-0 at Manchester City after the international break, before drawing back-to-back games against Sevilla and Burnley in the Champions League and Premier League respectively.
Tuesday's EFL Cup defeat at Leicester led to more criticism of Klopp, who has seemingly failed to address the defensive issues that are threatening to cost Liverpool the chance of a successful season once again.
Liverpool have won 132 points in 73 league games under Klopp, which is nine points fewer than in the same period under Brendan Rodgers, who was sacked as head coach in October 2015.
A total of eight points from five matches has left them in eighth position in the table - five points behind Manchester duo Manchester United and Manchester City.
Despite their troubles, Liverpool have actually only lost one of their last seven Premier League away matches, and a positive result this weekend would lead them nicely into upcoming league games against Newcastle United and Man United.
Recent form: DWWLD
Recent form (all competitions): WWLDDL
Jamie Vardy missed Tuesday's EFL Cup match with Liverpool due to a groin problem, but Shakespeare revealed at his pre-match press conference that the England international had trained on Friday morning.
Leicester possible starting lineup:
Schmeichel; Simpson, Morgan, Maguire, Fuchs; Mahrez, Ndidi, King, Albrighton; Vardy, Okazaki
Liverpool possible starting lineup:
Mignolet; Alexander-Arnold, Matip, Klavan, Moreno; Wijnaldum, Henderson, Can; Coutinho, Firmino, Salah
Head To Head
Leicester have beaten Liverpool in each of their last three meetings at the King Power Stadium - the latest of which occurred in the EFL Cup on Tuesday night.
The Foxes also recorded a 3-1 victory over the Reds in the corresponding Premier League game last season, and they will be attempting to win three consecutive top-flight matches against Liverpool for the first time since 1931.
We say: Leicester 1-1 Liverpool
Liverpool will be desperate to bounce back from a disappointing run of form, but Leicester have enjoyed success at home to the Reds in recent years. We are finding it difficult to separate the two teams on this particular occasion - score draw.