The penalty came as fans were still loudly celebrating the announcement that Bayern Munich had just opened the scoring against city rival Real Madrid in Germany.
Wes Morgan is a doubt for the Atletico Madrid clash.
Simeone's Atletico is trying to reach the semifinals for the third time in four seasons, while Leicester - the shock Premier League victor last season - is looking to make another stunning title run in its debut in the Champions League.
Atletico played well Wednesday and should have done better than the narrow 1-0 victory, but the players and coach Diego Simeone were celebrating the advantage they will be carrying into the return match on Tuesday.
Earlier, there was a five-goal thriller in Germany where another away win was recorded, this time it was Monaco who pipped Borussia Dortmund 3-2.
Some Leicester supporters managed to buy tickets in the home ends of the Vicente Calderon, while Atletico also had a neutral zone at the stadium. It seems they were betting everything on the second leg.
Shakespeare said: "I've just told Wes in there that when we get back to the hotel, he's getting his kit on, going to the gym and making sure he does a session".
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The Foxes were defeated 1-0 in Spain in the first leg of their quarter-final when Albrighton was ruled to have fouled Antoine Griezmann inside the penalty area.
Referee Jonas Eriksson pointed to the spot despite Leicester's protests and Schmeichel could not produce a third penalty save after his two in the tie against Sevilla.
It was Albrighton who sent Antoine Griezmann tumbling but his tackle was clearly shown to be outside the box.
"We were hard done by".
He said: "If I think it's the right thing to do and benefits the team all players are adaptable. It is a definite foul but it is outside the box".
The visitors failed to register a shot on target over the 90 minutes and midfielder Andy King replaced forward Shinji Okazaki at the interval, with Wilfred Ndidi dropping into holding role to marshal the mercurial Griezmann.
Nonetheless, the mood of Leicester fans was positive overall, and one player in particular received much praise after a magnificent display on Wednesday...
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