The Denmark international was in fine form during last weekend's 2-1 Premier League defeat at Aston Villa, making a string of saves to keep his team in the contest.
However, he is now set for an extended spell on the sidelines after manager Nigel Pearson confirmed the 28-year-old is due to have surgery.
"Unfortunately Kasper Schmeichel will be having an operation on a broken metatarsal. The optimistic view is four to six weeks out," he said ahead of Saturday's Premier League match against champions Manchester City.
The news is a further blow to a Leicester side who have slumped to the bottom of the table and have failed to win in their past 10 Premier League matches.
Despite the barren run, Pearson remains optimistic he has a squad capable of reversing Leicester's form.
"We've been in a difficult run for a while, so we certainly won't be dwelling on that against City," he added.
"We deal with things when they happen, but I will always be as supportive as I can be of my players. We have to look at each game in terms of what we know we are capable of.
"I'm asking the players, to a man, to give themselves the best chance of winning the game. We need to get our performance right."
