The Foxes were leading the game 2-1 when referee Bobby Madley decided to award a penalty to Spurs for Nathan Dyer's alleged handball in the 89th minute of the game.
Harry Kane scored from the spot to earn a replay for his side but Shearer did not agree with the call from the match official.
"That's a very poor decision," said former England striker Shearer on BBC TV.
"I don't think that's a penalty at all. Dyer doesn't even know where the ball is. He's got his back to the referee and to the ball.
"It's very harsh. I'm not sure the referee can see it. There is no way he can see that — both players have their backs to him."
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