The Daily Mirror is reporting that the Leicester shot-stopper is being lined up as a replacement for De Gea should the Spanish goalkeeper seal a move back to his native homeland this summer.
The same story claims that Real Madrid have stepped up their efforts to try and sign De Gea after Gianluigi Donnarumma signed a new contract at AC Milan.
The article also states that Manchester United are reluctant to sell De Gea and will demand a transfer fee of more than £60m for the Spaniard.
It is also suggested that Leicester will demand at least £30m for Schmeichel because he only recently signed a new contract at the King Power Stadium.
Manchester United have so far only signed defender Victor Lindelof and striker Romelu Lukaku this summer as Jose Mourinho prepares for his second season in charge at Old Trafford.
The Red Devils finished sixth last season but won the EFL Cup and Europa League.
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