The Blues are facing the prospect of losing the Belgium international in the summer transfer window given Courtois has less than 12 months to run on his current deal.
The FA Cup winners would be reluctant to lose the Belgian shot stopper for nothing next summer given Chelsea FC have been shrewd operators in the market over the past few seasons.
Champions League winners Real Madrid are thought to be keen to sign Courtois in a deal worth around £31m to improve their options in goal ahead of the new Premier League season.
Former Chelsea FC target Alisson Becker completed world record move to Liverpool FC from AS Roma last week, while the Blues have been linked with a move to sign Pepe Reina and Petr Cech.
However, Daily Record reporter McGarry believes Leicester number one Schmeichel is the most likely candidate to replace Courtois in Maurizio Sarri’s Chelsea FC team.
“It is inevitable Courtois will move to Real Madrid,” McGarry told the Transfer Window podcast. “Schmeichel is the most likely replacement.”
Schmeichel was part of the Leicester team that won the Premier League title in the 2015-16 season.
Chelsea FC finished in fifth place in the Premier League table last term.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news