Leicester have not beaten Arsenal in the league since 1983, with two of the three defeats they suffered in their shock title-winning season coming at the hands of Wenger's men.
But manager Shakespeare feels his side are ready to hit the ground running and end that barren run.
"The Premier League is the most competitive league in the world and Arsenal are one of the best clubs in it, year after year they've shown their consistency," he said.
"We haven't been able to beat them yet but there's always a first time and it would be nice to think it would be Friday night. The players are champing at the bit to get started.
"It will be difficult, with the quality of their players, their fan base and the money that they can spend, but that's the Premier League."