The Foxes saw a four-game winning run ended by champions-elect Chelsea on Wednesday evening, but now face a Magpies side reeling off the back of seven straight defeats in the Premier League.
Nigel Pearson's side could move to within a point of Newcastle with a win at the King Power Stadium, but goalkeeper Schmeichel knows as well as anyone that nothing should be taken for granted after this weekend's visitors ended an eight-game winless run with three points against Leicester back in October.
"Any game in the Premier League you’ve got to be careful of your opponent because they’re always going to have quality," the 28-year-old Foxes shot-stopper exclusively told FourFourTwo.
"We’re going into this game the same way we approach any of them – to make sure we’re 100% right and ready to start as we have in the last few games.
"It’s very cliched, but it’s one game at a time. Those recent wins have gone and now have no bearing on what we’re going to do in the future.
"We’ve got to look at our next game which is Newcastle, and that’s the most important game of the season for us now."
Leicester were on track for a fifth straight win when they took a half-time lead against Chelsea, only for the Blues to turn on the style. Schmeichel, however, insists the relegation battlers had plenty of positives to take from the game.
"I thought we started well and set out our intentions early doors to try to play for the win," said the Denmark international. "The first half went really well. In the second they shifted gear and we found it hard to keep the ball.
"They got a bit of luck with the first goal – Drogba hits it and it gets a deflection off one of our defenders’ boots. The second is one of those you save as a keeper and pray no one’s there to tap it in. Unluckily for us it dropped straight to John Terry. The third was a great strike and just took the game away from us."
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