Leicester are set to take on Slavia Prague in the last-32 of the Europa League.
The club's YouTube channel featured reporter Jiri Hozek talking about how the Foxes keeper was overweight.
Schmeichel is a Premier League winner with Leicester City.
"We are sorry that some of the opinions put forward could have been interpreted as offensive," Jaroslav Tvrdik, president of Slavia Prague said in a video.
"It was not our intention.
"We are looking forward to both games."
"If you watch it you will get to the part where Kasper Schmeichel is praised for his performance and described as one of the key players for the team. We have great respect for the club," the club's English Twitter account tweeted.
