The Foxes sit third in the Premier League table although the gap to fourth has decreased in recent weeks due to a poor run of form.
At one point, Leicester looked destined for a top-four spot but in 2020 they have been unable to match their displays during the first half of the season.
Four defeats in six matches at the start of the year helped Chelsea cut the gap, while four games without a win in February put Brendan Rodgers under severe pressure.
After suffering back-to-back defeats to Manchester City and Norwich City, Rodgers' troops got back to winning ways when they beat Aston Villa 4-0 last time out.
Striker Jamie Vardy scored his first goal since the turn of the year in the game and Schmeichel says fans should be pleased with their progress.