The Danish star – son of Manchester United idol Peter – has been instrumental in the Foxes’ promotion winning campaign this term, yet his future at the King Power Stadium is unclear.
Schmeichel is set to be a free agent in a few months’ time, which has alerted interest from a host of clubs.
The 27-year-old is wanted by the likes of AC Milan, Southampton and Olympiakos as well as Arsenal.
The Gunners are rumoured to be shopping around for a new stopper ahead of the summer, with back-up man Lukasz Fabianski edging towards a move away from the Emirates Stadium.
Leicester are desperate to keep their man as they look to embark on a season in the top tier, but the lure of challenging Wojciech Szczesny to be Arsenal’s number one could be too tempting for the Dane.
Schmeichel has already enjoyed some time in the Premier League with Manchester City after emerging from their academy set-up.
The Scandinavian ace has kept 19 clean sheets this term.