Schmeichel out for two months
The giant Danish goalkeeper suffered a knee ligament injury during Tuesday's friendly with Preston and after undergoing tests he faces eight weeks on the sidelines.
It was hoped that the injury would not be long-term, but the player does not need to undergo an operation.
Maine Road boss Kevin Keegan admitted it was a blow to lose the former Manchester United and Aston Villa star as they prepare for life back in the top-flight.
"He has not done any serious damage that needs an operation," Keegan told the club's official website.
"Obviously you want all of your best players fit for the start of the season, but it could be a lot worse with Peter.
"It was a nothing incident that led to him getting injured, but these things happen and we will just let him recover."
One piece of good news for Keegan is the return of goalkeeper Nicky Weaver after undergoing a routine operation on his injured knee and he battle with Carlo Nash for the number one shirt for the start of the new season in Schmeichel's absence.
