Reports had suggested that the 26-year-old had handed in a transfer request in an attempt to push through a move to Hull City.
However, the Denmark international has said that he has not thought about leaving the King Power Stadium.
"It's been a strange summer, coming to terms with what happened to the team at the end of last season and not getting much of a break due to internationals, but there has never been a thought in my mind that I wouldn't be coming back to Leicester," he told the Leicester Mercury.
"I've said many times before that I enjoy playing for this football club, I enjoy coming to work every day and I want to be successful here. You hear speculation of things you're supposed to have said or done like handing in transfer requests and it's just ridiculous. I've never said I wanted to leave Leicester.
"Like every professional, I want to play at the highest level, but I want to do that with Leicester and, with the players, management, staff and fans we have here, I know we can achieve that."
Schmeichel played 53 times for the Championship club last season.