The 31-year-old has become a key player at Leicester since joining the club from Leeds in 2011 and has now signed a new five-year contract extension with the club.
“I’m very happy to be here for many more years. I’ve spent the majority of my career at Leicester now and had some amazing times here, so hopefully we’ll have some more,” he told the club’s website.
“I’ve felt at home at this club from day one, so I’d like to thank the fans for the support they’ve given me and also the owners who’ve played a huge part in my career. I want to bring more success to this club as I’ve loved every minute and hopefully we can keep going in the right direction.”
Schmeichel was linked with the likes of Chelsea and Roma earlier this summer, following an impressive display at the World Cup in Russia.