The 27-year old featured in every game for the Sky Bet Championship winners this season, and his top class performances have drawn the attention of several Premier League clubs - with Arsenal reportedly having made an offer.
The London club see Schmeichel as the perfect foil to improve their team, and his quick rise in reputation might make the upcoming summer the perfect time for him to capitalise on a positive career change.
The Foxes are in a weak position in their attempts to keep Schmeichel, with the Danish international one of several players whose contracts end this summer, although they must focus all their intentions on securing his services for at least another season. The stopper's skills will be vital in Leicester's survival in the Premier League, and, in an interview with BBC Radio Leicester, the Dane vocalised the current situation regarding his contract.
"It's up to the club at the moment. We've had some preliminary conversations.
"Of course I want to stay. We've got to the Premier League and I'm happy here, but it's not up to me."
The ex-Manchester City player conceded just 43 goals in 46 games this season, and AC Milan and Manchester United are also said to be interested. The son of one of the greatest goalkeepers of all time has experienced Premier League football previously in his career, and Foxes fans must be delighted that their promotion should secure his services for the foreseeable future.