The Foxes travel to East Midlands rivals Nottingham Forest on Saturday for the final round of Championship fixtures.
Nigel Pearson's side must win at the City Ground and hope other results go their way if they are to stand any chance of making the top six.
Schmeichel believes anything is possible, but admits Leicester can only have themselves to blame if their promotion push comes to a close this weekend.
He told Sporten.dk: "Of course we believe in the miracle.
"But, that said, it is our own fault if we don't qualify for the play-offs.
"We haven't delivered the goods in the last three months and we haven't scored enough goals. We have to look at ourselves in the mirror."