The 25-year-old has been linked with a move to the Spanish giants to serve as Iker Casillas' understudy but insists he is content with life in the Championship
The Foxes are currently setting the pace in the Championship, and the Danish shot-stopper has played a large part in helping Nigel Pearson's side boast the second-best defensive record in the league.
But, despite that form reportedly catching the attention of Jose Mourinho as he searches for an understudy to Iker Casillas, Schmeichel has denied suggestions he wants to leave.
He told Sky Sports: "Being mentioned in the same sentence as Real Madrid is an honour, but that's as far as I've heard.
"People have been calling me and texting me but I'm not focusing on that. I'm very happy here where I'm playing week in, week out and can't ask for more than that."