The former Manchester United star has voiced his opinion that the Bavarian club's shot-stopper is better than the Spanish keeper and is No.1 in his position
Schmeichel has nothing but praise for the 25-year-old, and feels that Neuer will remain the best in his position for many more years to come.
"Neuer is simply sensational. He has replaced Casillas as the best goalkeeper in the world," Schmeichel was quoted as saying by Spox.
"He has excellent reflexes, and his anticipation skills are fantastic. I have seen a lot of situations where it seemed as if he knew exactly what the striker would do, especially in one-on-ones.
"Neuer is the best in the world, and will remain the best for many more years to come. It's amazing to see how many superb goalkeepers Germany have at the moment."
The 25-year-old Neuer joined Bayern from Schalke at the start of the 2011-12 campaign, and has immediately become a key player at the Bavarians.