Despite no immediate plans to make a move for the former Arsenal and Manchester City star, Shakespeare has admitted Sagna is on the club's radar.
He said: 'We have looked at him before but we haven't spoken about him recently.
'We are aware of the situation. We will look at it and review.
'We are not sure of his situation so we would need to follow that up.
'We have good defensive cover at the moment and players who can cover in different positions but you always have to make sure that you are aware where the cover might come from if you have one or two injuries.'
Leicester's next Premier League matchup is against West Brom at the King Power Stadium on Monday evening.