Schmeichel kept five clean sheets in the last seven games of the Premier League season as Leicester defied the odds to survive, and Arsenal are reported to have been interested as they look to improve their goalkeeping options.
Schmeichel, however, has stressed his commitment to the Foxes less than 12 months after signing a new four-year contract at the King Power Stadium.
“I’ve played for four seasons in Leicester, and they are happy with me, and we have a good working relationship,” Schmeichel said in the Daily Express.
“This is where I see my immediate future.
“A club transfer isn’t in my thinking. I am in a club where there are good coaches and owners, and it’s great.”
Leicester, meanwhile, are reported to be closing in on the signing of Wolves winger Bakary Sako, who is also interesting Everton, Newcastle, Sunderland, Aston Villa and West Brom, according to the Express & Star.