The former Leicester boss watched from the stands as the Baggies' under-23 side secured a 2-0 win over Swansea in Premier League 2 last night.
Albion are on the hunt for a new under-23s boss after Michael Appleton left the role to take charge at League One Lincoln back in September.
Shakespeare has been out of work since leaving Everton in May 2018 where he worked as assistant manager to Sam Allardyce.
The 55-year-old, who lives in Lichfield, played for Albion between 1990 and 1993.
He has also previously worked as a coach at The Hawthorns and temporarily took charge of the first-team following the departures of Bryan Robson and Nigel Pearson in 2006.
Shakespeare was famously assistant to Claudio Ranieri when Leicester won the Premier League in 2016.
He then replaced the Italian in the hot seat at the King Power Stadium.
Shakespeare won eight of his first 16 games in charge of the Foxes – guiding them away from danger and to the Champions League quarter-finals.
But he was sacked just four months after signing a three-year deal to take the job on a permanent basis.