The Waka Waka hitmaker announced their split after 11 years and two children together in June amid rumours that he had cheated on her.
The Barcelona defender has been pictured with Chia on several occasions after it was reported they had begun dating shortly after he and Shakira parted ways.
According to MailOnline, the Colombian artist references her former relationship in detail on the track, which features Argentine DJ Bizarrap, after an excerpt was leaked before its worldwide release.
Seemingly making a thinly-veiled dig at her former partner, she sings in a leaked excerpt: “I’m worth two 22s. You traded a Ferrari for a Twingo. You traded a Rolex for a Casio.”
In another part, the 45-year-old appears to take aim at Pique’s new squeeze as she belts out: “She’s got the name of a good person. Clearly is not how it sounds.”
The outlet also notes that “clearly” in English translates as “Claramente” in Spanish, making the reference to his new girlfriend Clara more obvious to fans who have heard the track.
Also in the song, the Hips Don’t Lie songstress made reference to her £13 million tax fraud trial in Spain, singing: “You left me the mother-in-law as a neighbour. With the press at my door and a debt with the taxman.
“You thought you’d hurt me and I came back stronger. Women don’t cry any more, women invoice.”
In light of the leak, the former Manchester United star appeared to respond to the song’s pointed lyrics by tweeting several circus and clown emojis.
In November, it was announced that Shakira gained primary custody of her two children with Pique.
“We have signed a custody agreement,” Shakira and Pique, 35,said in a joint statement at the time.
“Our sole objective is to provide our children with the utmost security and protection and hope that they can continue with their lives in a safe and calm environment.”
A source close to the pop star confirmed to ABC News that the couple’s sons would move from their father’s hometown of Barcelona to Miami, where Shakira’s family is based.
The source said the arrangement was the best one for the children and that the couple wanted to avoid a lengthy legal battle.
Shakira - In pictures
Colombian singer Shakira first met Spanish footballer Pique in 2010 when he appeared in one of her music videos. They announced their split in June through a joint statement.
Last year, Shakira opened up about the split, calling it her “darkest hours”.