The Danish stopper – the son of former Red Devils icon, Peter – has been in excellent form in the Championship this season, attracting attention from across Europe.
AC Milan are also keen on the 27-year-old, but United are plotting to beat their interest with a concrete offer before the window closes.
David Moyes is believed to be looking to draft in a new back-up ‘keeper in the coming days, with Anders Lindegaard thought to be angling at a move a move away from Old Trafford after growing frustrated at his fringe role.
The Foxes will be far from happy to lose their number one, but with Schmeichel’s contract due to expire at the end of the season they know that recouping a fee may be necessary.
Leicester could look to secure a loan back option, but it remains unclear as to whether or not Moyes will be willing to commit to such a deal.
It is likely that the former Manchester City man will jump at the chance to make the switch, with the prospect of Premier League football with a team so closely aligned with his family liable to be too good to turn down.