Committing his future to the East-Midlanders until at least the summer of 2021, the Danish international looks set to continue his impressive work between the sticks for Claudio Ranieri's men.
Since joining the Foxes in 2011 under former England manager, Sven-Goran Eriksson, Schmeichel has forged himself a reputation as an extremely talented shot-stopper and has secured the No.1 position for himself at the King Power Stadium.
Making 220 appearances (and keeping 73 clean sheets) since making the switch from Leeds United, the 29-year-old has become a key player in the East Midlands. Managing to earn promotion to the Premier League in 2014 and even going on to lift the top-flight trophy, Schmeichel's achievements under the likes of Nigel Pearson and current boss, Claudio Ranieri, have not gone unnoticed.
Previously being known as one of the most dependable goalkeepers in the Championship after being named in the Football League Team of the Decade, the former Manchester City trainee has developed into a very capable Premier League 'keeper. As a matter of fact, he was only one behind Petr Cech's total of 16 clean sheets in the 2015/16 race for the Golden Glove.
Therefore, Foxes fans will be delighted that the popular stopper has followed the likes of Jamie Vardy, Ben Chilwell and Andy King to pen a new long-term contract at the club.
"This is the place for me to be"
In fact, these sentiments also seem to be echoed by Schmeichel himself after committing his future to the club. Speaking to LCFC TV about his new deal at the King Power Stadium, he revealed that he was "buzzing" to be able to sign a new contract.
Also saying that it "was a very easy decision" to commit his future to his current employers, it's clear the former Notts County goalkeeper has enjoyed his time in the Midlands, even saying that he has "loved being here from minute one".
So, it will then come as no surprise to see the experienced stopper staying put under Ranieri. Also suggesting that he was "absolutely convinced that this is the place for me to be" after lifting the Premier League crown, the ex-Cardiff City loanee appears to be extremely happy continuing his work at the club.