A replacement for Schmeichel, who plays his club football for English Premier League side Leicester City, will be announced later on Friday, the DBU said.
The Danes are due to meet Germany in Copenhagen on Tuesday to mark the 25th anniversary of their victory over them in the final of Euro 92 in Sweden, before travelling to take on Kazakhstan in a World Cup Group E qualifier on Saturday.
Denmark are currently third in Group E on seven points, six behind leaders Poland and trailing second-placed Montenegro on goal difference.
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(This story fixes typo in headline.)
(Reporting by Philip O'Connor in Stockholm)
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