De Gea's future at United remains up in the air with the Spaniard currently refusing to put pen to paper on a new deal.
But in a week where Liverpool have hogged the headlines due to contract sagas involving Raheem Sterling and Jordan Henderson, Schmeichel says it is crucial United persuade De Gea to stay.
If De Gea signs a new deal it would be a very big signal and I'm sure everyone who loves the club would love that.
Peter Schmeichel
Schmeichel was between the sticks during some of United's most successful Premier League years and he believes the willingness of star players to extend their deals can be a boost to the whole club.
He said: "It's very important the club's best players sign new contracts to send a signal.
"It shows that they believe in the Manchester United project and believe the club will go back not only to the top of the Premier League but also European football.
GETTY
David De Gea is yet to sign a new deal at Manchester United
"If De Gea signs a new deal it would be a very big signal and I'm sure everyone who loves the club would love that.
"Fingers crossed he will sign another five-year contract."
Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
