Both players have been key figures this season in the Foxes' defence, which is the third tightest in the league behind champions Cardiff and play off-bound Brighton.
Morgan has been solid at the heart of the back four, leading by example and helping bring out the best in young Michael Keane - who has excelled alongside the 29-year-old since arriving on loan from Manchester United in January.
Schmeichel, who was named in the League Two team of the year in 2010, has continued to enhance his reputation as one of the best goalkeeper's outside the Premier League.
The 26-year-old's performances this season saw him make his full international debut for Denmark against Macedonia in February.
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