Giggs confirmed his decision earlier this week after being named assistant to new Manchester United manager Louis van Gaal, and Schmeichel believes that his former teammate warrants all of the praise he has received in recent days.
"For me Ryan is Mr Premier League," the Dane told Sky Sports News. "I don't think anyone has had the influence on the Premier League that he has had.
"If ever you could use the word 'legend' then he is a true Manchester United legend. I mean you only have to look at his trophy cabinet.
"He hasn't got that trophy cabinet by sitting on the bench or piggy backing on somebody else's success. He's been out there at the forefront and creating it."
Giggs finished his playing career having made 963 appearances for the club.