Second-placed Peterborough have narrowed the gap and have the chance to go within four points of the Foxes when the two sides clash at London Road on Saturday.
Shakespeare is confident that City's players can cope with the tension as the run-in reaches a crucial period.
"We have to deal with the narrowing of the gap. If it is one point or if it is seven, we have to handle it and we have got a good enough squad to do that," he said. "Mentally, they are okay and we will make sure their feet stay on the ground and focus only on the next match as we move to a big game at Peterborough.
"We still have a healthy lead and we are not sure how many points it is going to take to clinch promotion, but we are trying to reach that finishing line as soon as we can."