During the closing stages of Leicester's 2-0 win over Brighton & Hove Albion at the weekend, Vardy sustained an injury which forced him to hobble off at the King Power Stadium.
The England international appeared to be in some discomfort, but Shakespeare has said that the forward will feature in his squad for the trip to Bramall Lane.
The 53-year-old told reporters: "He trained this morning. He was a bit sore yesterday, but thankfully he's okay. He'll be involved.
"To what extent I'm not sure. I plan to make changes. I want a competitive group and we've got that. There are players that deserve a chance."
Fellow striker Kelechi Iheanacho is also expected to play after missing out on Saturday afternoon.