The goalkeeper merry go round is well and truly under way with Alisson heading to Liverpool from Roma.
Chelsea had also been in for Alisson but could now get Schmeichel with Ward heading to Leicester.
Chelsea need a new stopper with Thibaut Courtois seemingly destined for Real Madrid.
Alisson looks set to be the first of the deals announced having flown to the UK to undergo a medical.
The Brazil star will complete his move in the next 48 hours after cutting short his holiday after the World Cup.
Liverpool have today accepted a £10m bid for Danny Ward from Leicester who appear to be freeing Schmeichel up for a move.
Chelsea have already signed Jorginho and are closing in on Daniele Rugani, while also chasing Gonzalo Higuain and several others under new boss Maurizio Sarri.
However Sarri may have to replace Courtois and Eden Hazard before the deadline shuts on August 9.
Both Belgium stars have suggested they could be off this summer after Chelsea failed to reach the Champions League.
Courtois wants to return to Spain after three years with Atletico, and has his children in Madrid still.
Hazard hinted he could move after the World Cup third place playoff against England and dreams of one day playing for Real Madrid.
And now Sarri could snap up Schmeichel with Ward closing in on a move to Leicester.
Schmeichel, 31, has been with the Foxes since 2011 after leaving Leeds and coming through the ranks at Manchester City.
He won the title with them in 2016 but has been heavily linked with a move.