Shakespeare said: "It can be interpreted in different ways.
"I think there's nothing wrong with ambition, whether that be from a player, a manager or a coach.
"Him saying he wants to play in the Champions League - I think you'll remember I said after being knocked out by Atletico, we want to experience this again. I don't see any problem with that."
Keeper Kasper Schmeichel has also been linked with a move away from the King Power Stadium.
"His performances this season have highlighted he's one of the best 'keepers out there, and we are happy with him.
"He is happy with us, we've had no offers for him, so that's how I see it with him."
Talking more generally about the possibility of summer departures, he added: "I'd like to understand first why he wants to leave.
"You have to talk to the players. But until you get an offer there's no need to have that conversation, other than to know they're okay, there are no issues, they feel wanted. But it's important you keep your best players at the club."