
The French Ligue 1 side did not disclose the duration of the contract or financial details of the transfer for the 35-year-old.
Reports in British media said Schmeichel has signed a three-year deal with Nice, who had reportedly agreed to pay Leicester £1 million (US$1.21 million) for the player.
“OGC Nice is delighted with the arrival of the Uefa Euro 2020 semifinalist,” Nice said in a statement.
Schmeichel, who joined Leicester in 2011 from Leeds United, helped them to the 2015-16 Premier League title, as well as their maiden FA Cup win in 2021.
Following 479 games played for the Foxes during 11 seasons, he sits third in Leicester’s all-time appearance list.
He made his international debut in a 3-0 friendly win over Macedonia in 2013 and has been capped by 2020 Euro semifinalists Denmark more than 80 times.
The Denmark international has become Nice’s third arrival this week after they announced Welsh midfielder Aaron Ramsey on a free transfer on Monday, and defender Mattia Viti from Serie A side Empoli earlier yesterday.