Schmeichel, 30, injured his right hand during the goalless draw with FC Copenhagen in the Champions League on 2 November but finished the game.
Leicester have won just two of their eight league and cup games since.
"Kasper trained very well today," said Foxes boss Claudio Ranieri on Thursday.
"I will check on him tomorrow [Friday]. He feels good. The hand is OK."
Denmark international Schmeichel signed a new five-year deal with Premier League champions Leicester in August.
He played in all 38 of the Foxes' league fixtures last season, keeping 15 clean sheets.
Schmeichel has made more than 200 appearances for Leicester since arriving from Leeds United in 2011, having started his career at Manchester City.
Ron-Robert Zieler is Leicester's back-up keeper.
Goalkeeper Kasper Schmeichel has returned to training with Leicester City after breaking his hand in November and could be available for Saturday's game at Stoke City.