The Leicester goalkeeper helped Denmark to reach the World Cup knockout round after getting out of a tough group.
Denmark drew 1-1 with Croatia in the round of 16 to force a penalty shootout with a place in the quarter-final up for grabs.
Schmeichel made two saves but Croatia still progressed thanks to a narrow 3-2 penalty shootout win.
The Foxes goalkeeper has been linked with a potential exit in the 2018 summer transfer window following Leicester’s regression.
Liverpool FC, on the other hand, are in the market to sign a goalkeeper following Loris Karius’ poor performance in the Champions League final.
The Reds look set to miss out on Brazil international Alisson Becker given Real Madrid are interested in the South American.
Asked whether Liverpool FC could sign Schmeichel, McManaman told ESPN FC: “He isn’t good enough.”
Liverpool FC finished in fourth place in the Premier League table last term to ensure their continued participation in the Champions League.
The Reds finished in fourth place in the Premier League table to ensure their continued participation in the Champions League.
Liverpool FC have signed AS Monaco midfielder Fabinho and RB Leipzig star Naby Keita.
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