The Danish keeper has fallen down the pecking order at Eastlands this season, with the recent arrival of Shay Given further hindering his progress.
With his route to the first-team blocked by established international stars, the 22-year-old has admitted a willingness to be sent out on loan.
Schmeichel has previously enjoyed spells at Darlington, Bury, Falkirk, Cardiff and Coventry and believes another short-term stint away from City would be beneficial to his stagnating career.
"They (City) are looking into it and it could be done if a reasonable offer comes along," Schmeichel's representative Michael Johansen told Onside.dk.
"The most important thing now is that he gets to play."
A permanent switch is out of the question with transfer windows across Europe closed for business, but Johnansen insists Schmeichel would be prepared to step down the league ladder in England in an effort to find games.
"The loan window is still open for some time yet," he said.