City's hopes of a top-six finish hang by a thread heading into the final game of the season against their East Midlands rivals Nottingham Forest.
Nigel Pearson's side must win at the City Ground on Saturday, something Leicester have not done in the league since 1972, and then hope that results involving Bolton and Crystal Palace go their way if they are to keep their promotion hopes alive.
"We are relying on others. We have to hope and pray for a miracle," said Schmeichel, whose side surprisingly still remain in the play-off shake up despite a dire run of only two wins from their last 16 league matches.
"Sometimes miracles happen, football works in mysterious ways.
"All we can do for our professional pride is try to get a win at Forest for ourselves and the fans, then hope that the football gods deliver us a miracle."