The rock bottom Foxes go to Manchester City on Wednesday with Schmeichel missing the trip to his former club.
But the goalkeeper, who has been out since December with a broken foot, has returned to training and is on the brink of a comeback.
Boss Nigel Pearson, who signed Mark Schwarzer from Chelsea as cover in January, said: "Kasper will be available in a week or so, maybe a bit longer but he is doing well and is back in full training.
"We more or less have a fully fit squad to choose from.
"We have used the free weekend to give the players who need a bit more of a rest a break.
"The training has been good and we are looking forward to the game now."
The Foxes are four points from safety and have lost four and drawn one of their last five Barclays Premier League games ahead of their trip to the champions.
"Before a ball is kicked people would look at a fixture like this and say it is a bit of a bonus game," said Pearson.
"But we can't have too many bonus games here on in because we haven't got enough points for that."
Source : PA
Source: PA