Rumours have emerged this month linking the Danish goalkeeper, son of Manchester United great Peter Schmeichel, with a move to Serie A club Milan.
As it stands, Schmeichel will be playing his football in the Premier League next season as his current club Leicester City are leading the Championship by eight points and Frederikson insists that that is his preferred destination.
"There's much that is going on around Kasper. There are many rumours and many clubs that he's linked with and this is obvious when he does so well," he told Bold.
"So, a lot is happening right now. What's going to happen [in the future] is hard to say. It also depends on what happens with Leicester and promotion to the Premier League."
On the link to Milan, Frederikson added: "Kasper thinks it's a great honour to be linked with Milan, one of the biggest clubs in Europe."
The Foxes made it seven league wins in a row yesterday by beating Middlesbrough 2-0.