The club icon, who played for United between 1991 and 1999, lifted five domestic titles and the Champions League among a host of other domestic trophies during his spell at Old Trafford.
However, the former Denmark international has lower expectations for the current United squad, insisting that qualifying for Europe’s elite club competition through the final league spot would be a success.
Louis van Gaal’s side currently sit fifth in the Premier League table, one point off rivals Manchester City in the battle for the sought-after fourth spot.
The experienced Dutch coach has seen his squad plagued by injuries throughout his reign at the Theatre of Dreams, and Schmeichel has concerns whether his former side will realise their ambitions.
“I seriously think it would be some achievement for Manchester United to get themselves into that fourth position, but I’m doubting it,” the former goalkeeper told Sky Sports.
“The performance today [against Everton] shows a lot of limitations. You look at the bench now and some of the names coming back from injury and he has been forced to play in a certain way with certain players for a long time. Now they are coming back.
“Van Gaal will have choices now and can rest some of his players. He has not had that opportunity and let’s wait and see what happens.”
United will return to action on Sunday evening when they take on title challengers Tottenham Hotspur away from home at White Hart Lane in the Premier League. It will not be easy for the Red Devils to win the match.