The 30-year-old goalkeeper has been one of Leicester City’s better performers in an otherwise disappointing season and has been targeted by some of Europe’s finest clubs this summer as a result.
Arsene Wenger only signed Cech last summer from Chelsea but has come under pressure from some Arsenal fans that the Czech goalkeeper’s best days are behind him, while David Opsina’s future at the club looks bleak as he wants regular first-team football.
Schmeichel has once again excelled for the Foxes this season, particularly in the Champions League where he has played a major role in getting Leicester City to the quarter-final stages of the competition.
Wenger, should he remain on in charge of the Gunners next season, sees Schmeichel, who is closing in on 250 appearances for Leicester City, as an ideal successor to Cech.
Schmeichel could look to move on from Leicester City this summer and Arsenal are reportedly among those keen on his services.