The Reds remain one of the two teams to have defeated the league-leading Foxes this season, and they will attempt to repeat their feat on Tuesday night, although Schmeichel says he and his teammates will be prepared for Jurgen Klopp's men.
"It's Liverpool. They're a top side with a top squad," Schmeichel told Foxes Player HD.
"They've got threats all over the pitch. We're very wary of what they're capable of but obviously they're at our place and they'll have to be wary of what we're capable of as well.
"We haven't really watched too much of them other than the lead up to our game. They're a high-pressure team and they press high. They're also one of only two teams to beat us this season and they'll be looking to get three points.
"This is what you play for, these kind of high pressure games and it's a period that everyone is just relishing."