Vardy hobbled off the pitch in stoppage time and was substituted following a challenge with Brighton goalkeeper Mat Ryan, with the Foxes cruising towards their first three points of the season.
But manager Shakespeare later insisted that he expects such knocks with Vardy's style of play and was confident that he would be fit and firing again ahead of next week's trip to Manchester United.
"I have just left ward 10 in there [the dressing room] with a few receiving treatment," Shakespeare said. "I will go and see how he is shortly but, knowing Jamie, he will be fine.
"Jamie obviously had a few tussles today and has an ankle heavily strapped with an ice pack on it.
"He does have those battles but we wouldn't change him, would we?"
Vardy scored twice in Leicester's opening game of the season, a 4-3 defeat at Arsenal.