The Blues face Mexican club and CONCACAF champs Monterrey in the second semi-final Yokohama on Thursday after Copa Libertadores winners Corinthians of Brazil meet Egypt's Al-Ahly on Wednesday to decide who plays off in the final on the weekend.
Ex-goalkeeper Schmeichel has weighed into the debate and shared his views on the global competition with Al-Wassat.
"I'm not surprised about Ahly's victory over Hiroshima to qualify for the semi-finals of the World Club Cup. I was expecting that because the Egyptian team has a great reputation in the tournament," Schmeichel said.
"The chances of Al-Ahly and Corinthians are equal, although I think the preference would be in favour of the Africa champion because of their experience of playing in the previous three World Club Cups and got third place in 2006.
"I personally expect that Ahly and Chelsea will be in the final but then the Londoners will be the closest to winning the title, as usual for European clubs."