Schmeichel is keen to secure a short-term deal, with the Danish shot-stopper struggling for first-team football at Eastlands.
The 22-year-old's representative, Michael Johansen, is 'working' on an agreement, with a move to the Championship expected.
Johansen told Onside: "I am working on it, but there's not much to tell at the moment.
"You can try to give me a call in the beginning of the week when I am expecting to have more to tell."
Schmeichel has previously had loans spells at Darlington, Bury, Falkirk, Cardiff City and Coventry.