Shakespeare has been influential in turning the champions' fortunes around, with six consecutive wins in all competitions since he took over from Claudio Ranieri alleviating fears of relegation and taking Leicester into a European quarter-final.
And while the first leg of their last-eight tie with Atleti is on Wednesday, Shakespeare says he and his side are looking only at Everton on Sunday - even if some players may sit out of the game.
"We've got a few little niggles [for Everton]," Shakespeare told a pre-match news conference. "I'm hoping that everyone trains fully on Saturday.
"I will assess the squad over the next 24 hours and chat with the staff, but I will pick a team that can win at Everton. My only focus is on Everton and not Madrid.
"It's trying to get the right balance. It's for me and the staff to assess the lads that have got little niggles and that might benefit from a few more days rest, but also trying to keep the momentum going.
"There hasn't been any talk [about Atleti]. It isn't banned, but there isn't any talk."
However, club captain Wes Morgan, who has missed Leicester's last three matches with a back injury, is unlikely to return to face Atleti.
"It would be a lot to ask him to come back for a game of that magnitude [against Atleti]," Shakespeare said.
"I would want him to do a few training sessions first and, at the moment, that looks highly unlikely."