We address the estimation of the Ricean K factor when the available complex channel samples are noisy and subject to Nakagami-m shadowing, i.e., the line-of-sight component is modeled as a Nakagami-m random variable. We propose two estimators: one based on the expectation-maximization (EM) procedure, and a second one based on the method of moment (MoM). The MoM estimator can be used to initialize the EM procedure. We show by simulations that the two proposed estimators outperform the existing ones.