Wenger marked 20 years with Arsenal this week.
Schmeichel told Omnisport: "He's been fantastic for Arsenal and to English football.
"We are very greatly indebted to him. He has introduced better football to England and we all became inspired by it. The competitive fight he had with Sir Alex Ferguson made Manchester United better, for sure.
"I think Wenger added together to the Premier League has made everything a lot better. I certainly do not belong to those who want Wenger to leave. I like that he continues to work because he has so much to offer football in England."