Schmeichel suffered the injury during the first half of Wednesday night's goalless draw in Denmark but managed to carry on and complete the match, making a couple of crucial late saves to deny Andreas Cornelius and earn his team a valuable point.
The 29-year-old is set to see a specialist to determine the extent of the injury following Leicester's return to England later on Thursday.
A club statement read: ''Leicester City goalkeeper Kasper Schmeichel is set for a spell on the sidelines after fracturing his hand in Wednesday's UEFA Champions League draw in Copenhagen.
''The Denmark international injured his right hand during the first half of the goalless draw at Parken Stadium and will see a specialist upon returning to the UK with the rest of the squad on Thursday.''
The early hypothesis is Schmeichel will be sidelined for up to four weeks but his absence may stretch to six weeks should the specialist advise surgery to correct the problem.
The Leicester number one will likely miss at least the Premier League matches against West Brom, Watford and Middlesbrough, as well as the Champions League game at home to Club Brugge.
It is possible he could be back in action for the league trip to Sunderland on December 3, while the trip to Porto the following week could also be an option before Leicester host Schmeichel's former club Manchester City on December 10.
Summer signing Ron-Robert Zieler will deputise in his absence, starting with the champions' game against West Brom at the King Power Stadium on Sunday.
The German has played in the Premier League games against Swansea, Burnley and Manchester United this season as well as the EFL Cup tie against Chelsea.
Source : PA
Source: PA