Maguire was a reportedly a target for Man City during the summer but opted to stay with the Foxes and has recently prolonged his contract – a move the goalkeeper finds very promising.
"It is very nice news. Harry has been top drawer since the first day," Schmeichel said.
"For him to commit himself for five years is a great sign. It is a statement of intent from the owners that they want to keep all the best players.
"We are not in a position where we have to sell, we want to build and Harry is an important part of that.
"He has carried on his World Cup form this season, he is a top-class player and we are very lucky to have him."