This will be the second time this week that these two sides will face each other. On Tuesday, the Foxes defeated the Reds 2-0 in the third round of Carabao Cup.
Schmeichel said: "I think we can expect a reaction from Liverpool.
"I think it was clear to see that their manager wasn't happy after the game, so he'll be rallying them up.
"They'll want a reaction, but we've got to not just match that, but outdo that.
"We have to make sure that Tuesday was a momentum changer for us so that we get back into that winning habit again."