Following Claudio Ranieri's shock dismissal last Thursday, Shakespeare will take charge of Monday night's game at the King Power Stadium with the Foxes sat in the relegation zone.
Slimani, who became the club's record signing last summer following his £29m (€34m) arrival from Sporting CP, has not started a game for Leicester since returning from Algeria's Africa Cup of Nations campaign having picked up a groin injury. He played the second 45 minutes last time out against Swansea City.
Ulloa meanwhile has featured just twice in 2017, following his attempts to force his way out of the club during the January transfer window while also carrying a thigh injury.
But Shakespeare expects both men to be fit for the visit of Jurgen Klopp's side.
"Islam trained with us out in Seville on Thursday morning and came through the session," Shakespeare told the club's official website.
"I am expecting both of them to be fit. Whether they are match fit, they will be assessed in the morning. I don't know [of any other problems] at this stage."
Leicester's title-winning squad meanwhile has been faced with accusations of a revolt against Ranieri in the wake of the Italian's departure. In an interview with Sky Sports, goalkeeper Kasper Schmeichel insisted the club owners did not ask the players about the manager before his sacking, with Jamie Vardy describing suggestions the playing staff had a role in his departure as "completely untrue, unfounded and extremely hurtful".
The England striker wrote on Instagram: "Claudio has and always will have my complete respect! What we achieved together and as a team was the impossible! He believed in me when many didn't and for that I owe him my eternal gratitude. There is speculation I was involved in his dismissal and this is completely untrue, unfounded and is extremely hurtful!
"The only thing we are guilty of as a team is underachieving which we all acknowledge both in the dressing room and publicly and will do our best to rectify. I wish Claudio the very very best in whatever the future holds for him. Thank You Claudio for everything."