The Denmark international – one of the stars of the World Cup and a title winner with the Foxes in 2016 – will now remain with the club until 2023.
“I’m very happy to be here for many more years. I’ve spent the majority of my career at Leicester now and had some amazing times here, so hopefully we’ll have some more,” he told Leicester’s official website.
Schmeichel joined Leicester from Leeds in 2011, having started his career at Manchester City.
“I’ve felt at home at this club from day one, so I’d like to thank the fans for the support they’ve given me and also the owners who’ve played a huge part in my career,” the 31-year-old added.
“I want to bring more success to this club as I’ve loved every minute and hopefully we can keep going in the right direction.”
Schmeichel’s new deal came on the day defender Christian Fuchs said the club’s title winners now face a battle to make the team – though that is unlikely to apply to Schmeichel, who has remained an integral part of the Foxes’ starting XI
Former Austria international Fuchs knows the squad remain in transition, two years after their famous Premier League triumph.
Only four championship winners started the 2-1 win at Southampton – although Jamie Vardy was suspended – and it is likely to be the same case when the Foxes host Liverpool on Saturday.
Manchester City boss Pep Guardiola is confident his players will adapt to the task when they face Newcastle on Saturday however the Magpies are set up for the contest by Rafael Benitez.
Newcastle had a 5-4-1 formation for last weekend’s 2-1 home loss to Chelsea and their boss Bentitez was criticised by television pundits for the defensive approach he had adopted.
Ahead of Newcastle’s visit to the Etihad Stadium this weekend, Guardiola was asked about the five-man defence and if he expected things to be similar on Saturday, and he said: “Last season he did it against us away and at home, the same, like Chelsea.
“I didn’t speak with Rafa, so I don’t know.
“We have to adapt. Everything he is going to do is because he believes it’s the best for them to get points, to make a good performance, and we’re going to adapt and try to defend well and attack well against any systems or the way they want to play.”
He added: “Some teams, when they play against Chelsea for example, against Tottenham, against Liverpool, against other teams, they play in that way, more defensively. But that is not a problem.
“Every team can do what they believe because they know the teams, they know their players, the way they feel that is the best they can do to get points. In the end we are here to get points and the style is just to help you.
“It’s in our hands to solve that. If they decide to play in that way, what we have to do to beat them – that is the trick.”
Defending Premier League champions City go into the clash having last Saturday dropped points for the first time this season as they drew 1-1 at Wolves.
On Thursday, the draw for the Champions League group stage was made, with City going into Group F with Lyon, Shakhtar Donetsk and Hoffenheim.
“It is what it is,” Guardiola, whose side were eliminated in the quarter-finals by Liverpool last term, said of the draw.
“The Champions League every season, from my point of view, is tougher and tougher. So we will see.
“I don’t think about the final right now. It’s in June, we’re in August. That would be a big mistake.
“We just focus of course now on the Premier League, and when it is coming, Lyon, the first game, and try to get points, points and points to go through.”
The Spaniard’s meticulous eye for detail has led to him banning non-freshly squeezed juices from the club’s London Colney training base.
Instead, Emery wants the team to follow his lead and drink a healthier alternative as his quest to overhaul the fortunes of the club continues.
They face a trip to promoted Cardiff on Sunday, with Emery explaining why he took such tight measures in his preparation.
“Yes, this is true,” he said when asked about the ban.
“I only changed, I like fruit a lot and I like fruit juice. But with a lot of sugar? Not very good.
“It’s for that and when I was very young, my father was coming every day with one fresh orange fruit juice.
“I like it in my life, more of that. It’s for that, when I arrived here, I asked only for that from the cook. And the players, I think, are the same. They prefer their orange juice fresh.”
Arsenal won just three Premier League away games in Arsene Wenger’s final season before he was replaced by Emery in the summer.
Mesut Ozil, who missed the win over West Ham through injury, is fit to return at the Cardiff City Stadium.
“He’s training normally with the group, in every session this week,” Emery said.
“We started on Tuesday and every day he has been training with the group. He’s OK. Also I’m looking at him well every day.”
Arsenal discovered their Europa League fate moments before Emery’s press conference to preview the Cardiff game.
Last season’s beaten semi-finalists face a daunting programme having been drawn alongside Sporting Lisbon as well as Qarabag of Azerbaijan and Ukrainian Premier League outfit Vorskla.
“First it’s three teams and we’ll have the recipe for them,” said Emery, who lifted the Europa League title three times at Sevilla.
“After this, we want to go far in this competition. Each match is different and each match involves a lot of travel.
“For some, the travel is very long but it’s like that. The adaptation for these three teams needs to be positive and we need to face them with ambition and our interest to do well in the competition.”
Emery confirmed Reiss Nelson is set to join German side Hoffenheim on loan for the remainder of the season, although he has also signed a new long-term Arsenal deal.