Shakespeare: Leicester will 'pull away' from Premier League danger
The Foxes have claimed just six points from their opening eight matches in a poor start to the campaign, leaving them third-bottom of the table, with the final straw coming in Monday's underwhelming 1-1 draw at home to West Brom.
Shakespeare took over on a permanent basis in June after steadying the then-champions in an impressive spell as caretaker manager last season, steering them away from relegation trouble.
The 53-year-old thanked the club's owners and board for giving him the chance to step into senior management and reiterated his faith in the team's quality.
"I have every confidence that, given time and once at full-strength, this squad will pull away from its current Premier League position and soon deliver the high levels of performance they have demonstrated over the past three seasons," Shakespeare said via the League Managers Association.
"The group is very positive."
Caretaker Manager Michael Appleton speaks ahead of #SwaLei https://t.co/MkPOgL1zw4 pic.twitter.com/pDy8tsJ2SZ
— Leicester City (@LCFC) October 19, 2017
"I will always have such special memories, both on and off the pitch, from my two spells working for Leicester City. Memories which I have shared with the club's outstanding fans.
"I would like to thank each of them for their support, especially in the past six months as I have made the transition into management.
"Finally, I'd like to wish Leicester City every success for the future, as I move on to the next challenge in my career."
Shakespeare's assistant Michael Appleton will take charge of Leicester for Saturday's trip to Swansea City.