Schmeichel has signed a new five-year contract with Leicester City.
The Denmark international was the subject of speculation in the summer that Champions League clubs would try to entice him away, but he has committed his future to City until 2023.
"I'm very happy to be here for many more years," Schmeichel said.
"I've spent the majority of my career at Leicester now and had some amazing times here, so hopefully we'll have some more.
"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."