While the Spain international's form has undoubtedly worsened in recent years, boss Solskjaer has publicly supported him on numerous occasions, including after his horrific performance in the recent FA Cup semi final defeat to Chelsea.
However, according to the Sun, De Gea's error prone season has caused United boss Solskjaer to weigh up his options in goal for next season, with Schmeichel described as a 'ready-made option'.
Dean Henderson is set to return to Old Trafford following a successful loan spell at Sheffield United, though questions have been raised over his experience at the highest level.
It was recently reported that Henderson would hold talks with United regarding his chances of succeeding De Gea as the club's new first choice goalkeeper, while Chelsea have been linked with the former England Under-21 international.
On the surface, it seems unlikely that United would move for Schmeichel, seeing as they already have De Gea and Henderson on their books. It would also be a step away from United's recent transfer policy, which has seen the club pursue younger players with an eye on the future.
Son of United hero Peter Schmeichel, Kasper's heroics in goal were integral in Leicester's Premier League winning campaign back in 2015/16. The 33-year-old also has 53 caps for Denmark and represented his country at the 2018 World Cup.
The Red Devils are also believed to be interested in Atletico Madrid's Jan Oblak, but Schmeichel would represent a cheaper alternative. It may also allow United to pursue more expensive attacking additions, such as Jadon Sancho.
Since joining from Leeds back in 2011, Schmeichel has appeared 378 times in all competitions for the Foxes and has enjoyed another stellar season between the sticks at the King Power Stadium.
His 13 clean sheets helped Leicester to their second highest Premier League finish. A poor run of form toward the end of the season saw Brendan Rodgers' side narrowly miss out on Champions League qualification.