"It was nasty at the time, but it has cleared up," Shakespeare said of Fuchs's injury on Thursday.
"We will wait for the specialist’s report. Until he has seen the specialist, I would like to hold back and see how he is. It is touch and go."
James has not trained with the squad this week but Shakespeare said the midfielder will be given a chance to prove his fitness on Friday.
Shakespeare said he was still waiting for an update on Adrien Silva, who remains in limbo after his deadline day move from Sporting Lisbon failed to go through in time.
FIFA withheld the registration of the 28-year-old Portugal international after his documentation was filed moments after the deadline for the registration closed.
"Unfortunately it's still an ongoing process," said Shakespeare. "I'd love to be in a position to be able to say he's available for selection but as a footballing department we're just waiting for the legal processes to take place.
He said he hoped for an update in the next 24 to 48 hours.
The manager confirmed Kelechi Ihenacho, Vicente Iborra and Robert Huth were available for selection after emerging unscathed from the reserves' victory over West Ham United on Monday.
The trio are recovering from injuries that forced them to miss the start of the campaign.
Leicester have collected three points from four games in a difficult start to the season, which included defeats against Arsenal, Manchester United and defending champions Chelsea.
(Reporting by Hardik Vyas in Bengaluru; Editing by Jon Boyle)
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