By Andy May
If his old club's current form continues, United would almost certainly miss out on Champions League qualification for the first time since 1995-96. The Premier League holders are 8th after eight matches and have already lost three times.
"It would be irritating not to play in the Champions League but it would also make everyone appreciate it when we bounce back.
"And we [United] would bounce back - I have no doubt about that.
"We have been very spoilt and sometimes you forget to appreciate how spoilt you have been. This could then serve as a reminder to all of the great experiences and achievements."
Schmeichel was part of Sir Alex Ferguson's United team that won the Champions League in 1999 - defeating Bayern Munich 2-1 in extraordinary fashion at Barcelona's Camp Nou. The Danish goalkeeping icon told Fox Sports Asia that Ferguson's replacement David Moyes has his full support.
"You cannot expect someone new to come in and get it right within months. It took Sir Alex Ferguson a long time and he was given time and support by the owners.
"Everyone that I talk to is on the same page as I am - we are going to give David Moyes time and we will bounce back and win football games.
"I am not worried. In some ways I am excited about us having to dig deep."
Moyes' United have earned only one point from their last two Premier League clashes - drawing 1-1 with Southampton after a 2-1 defeat to West Brom. Next opponents Stoke City are managed by Mark Hughes - one of Schmeichel's old United team mates.
"Mark has his own football philosophy and it is not in synch with Tony Pulis.
"Hughes has changed little bits of their style without losing their strength which means they are still a handful. I think that so far 'Sparky' is doing a really good job and they will still be in the Premier League next season."
Peter Schmeichel was speaking at the launch of the new global advert for the Barclays Thank You campaign. This season Barclays is saying thank you to all the dedicated Asian fans for their support in making the Barclays Premier League what it is. To view the film please visit www.youtube.com/barclaysfootballtv