Nigel Pearson's side need to win away to Nottingham Forest and hope that Bolton drop points this Saturday in order to secure a play-off spot.
Denmark international Schmeichel has been linked with a move to a number of top-flight clubs but he remains focused on making the step up with Leicester.
"It is a short career and I have ambitions to play in the Premier League. There is no doubt about that," said Schmeichel.
"I am incredibly happy at Leicester and I would like to be in the Premier League with them. That's my ambition."