On 16 November, Schmeichel entered a game as a substitute after Joe Hart injured

his ankle in the 14th minute. City went on to a 2–2 result with Hull City.[30] In
December 2008, Schmeichel played his last game for Manchester City in a UEFA Cup
match against Racing de Santander.[31]

Notts County
On 14 August 2009, Schmeichel signed for League Two side Notts County in a deal
that is believed to have broken the club's previous transfer record. The transfer
reunited Schmeichel with his former Manchester City manager, Sven-Göran Eriksson,
who had recently been appointed director of football for Notts.[32] He was the
highest paid player at the club, earning £1 million annually.[33] He made his debut
on 22 August and kept a clean sheet in the side's 3–0 win against Dagenham &
Redbridge. In September 2009, Schmeichel almost scored with an audacious overhead
kick against Morecambe when he came up from a corner late on in the game.[34]

A fine string of performances in October earned Schmeichel the Player of the Month
award.[35] During Schmeichel's stay at The Magpies, the club conceded only 0.67
goals per League 2 match (29 goals conceded in 43 league appearances). Schmeichel's
clean-sheets-to-game-ratio at Notts County was an impressive 55.8 percent (24 out
of 43 league appearances).[36] On 27 April, Schmeichel and Notts County secured the
2009–10 League Two trophy and promotion for the Football League One with a 5–0 win
against already relegated Darlington.[37][38] Shortly before the game, it was
announced that Notts County agreed to release Schmeichel at the end of the season
despite having four years left on his contract. The reasoning behind this was
financial: Schmeichel earned a reported £15,000 per week, having been signed during
the brief ownership period of high-spending Munto Finance in the summer 2009.
Schmeichel agreed to forgo all his future wages, something which chairman Ray Trew
described as "a huge concession by such a young man".[39]