Shakespeare landed the Foxes job on a full-time basis following a successful spell in caretaker charge following the dismissal of Claudio Ranieri.
However, he has followed Ranieri out of the door, according to the Leicester Mercury.
Shakespeare leaves the King Power after 26 games at the helm.
Leicester have won 11 games since Shakespeare took over from Ranieri in February, drawing six and losing the other nine.
However, they have endured a torrid time this term and Foxes chiefs have decided to wield the axe.
Riyad Mahrez's late equaliser rescued a point against West Brom as their home hoodoo against the Baggies continued.
Shakespeare said on Monday night: “We’ve probably had more possession tonight than we’ve had in most of our previous games.
"We spoke at half-time about moving the ball quicker and not letting them have that deep set-block because West Brom are very, very resilient and hard to break down.
“When you go 1-0 down at home and you’re after that win, the strength of character of the players showed. We had the chances to win the game but it ultimately left us a bit open because of our endeavour to try to win the game.” decision to give Shakespeare the boot hasn't gone well with club legend and Match of the Day host Gary Lineker.
He tweeted: "Craig Shakespeare sacked by Leicester. Bring back Claudio.
"Was always a miracle, but it’s even more remarkable really that Leicester won the league given the ineptitude of those that run the club."