The Dane believes that the Spurs team Redknapp has built is still yet to peak and admitted he would not be attracted to the national team position had he done an "amazing" job like the 64-year-old at White Hart Lane.
"If I was him, having done all that at Tottenham, I would ask myself - 'why would I leave this? This hasn't even peaked yet,'" Schmeichel told Reuters.
"Harry is a great manager, he's proved that on many occasions, small clubs with no money, he's got them to perform at the highest level.
"He's now got a little bit of money and what he's done with Spurs is amazing, but if they [England] want an Englishman, what are the options?"
Schmeichel described some of the difficulties of the England job and was quick to deny any suggestions he might submit an application himself.
"Absolutely not!" he joked when asked if was eyeing up the position. "I got asked yesterday if I have coaching or manager ambitions, and I don't.
"I don't think it's worth it. Obviously the guys that are in those jobs now believe it is, but I don't think it's worth the hassle. And it is hassle.
"Not only are you dealing with the players, whose mentality has changed enormously over the last five years, but also dealing with the press. I don't think you get a fair deal."
The 48-year-old concluded that the Netherlands and Germany were the clear favourites to win Euro 2012 this summer.
"I went through all the fixtures this morning, and I challenge anyone to do the same and come up with a different result," Schmeichel said.
"They are the strongest two teams in the competition."
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