Ranieri was a shock appointment at the King Power Stadium, after the departure of Nigel Pearson, but he has quickly justified the board’s decision.
Leicester are currently sitting at the top of the Premier League table, and Schmeichel believes his side's rise is largely down to the fact Ranieri didn’t make wholesale changes.
"He has come in and he has got different ideas about a few things, but the most important thing, and what he deserves the most credit for, is he hasn't come in and tried to change everything,” the Danish stopper said. “He recognised that things work quite well and has let us get on with it.
"He has kept the coaching staff from last season as well, which is massive and that's great credit to him because a lot of managers would come in and want all their own people and change everything to their own way.
"But for a coach to be adaptable like that is fantastic. He can be calm, he can be not so calm and like any manager they have to have all the different sides of their personality to get their point across."
When Pearson left Leicester there was great uproar about his dismissal, as he had helped them avoid relegation last season.
However, the progress that the team have made under Ranieri suggests that the swap was definitely the correct decision.
Leicester are currently two points clear at the top of the Premier League, and they have lost just one game all season.
The Foxes are the top scorers in England’s top flight, and their good form has shown no signs of slowing down.
Leicester’s next match comes against Liverpool at Anfield on Boxing Day.