The Fire and Ice Cycle Challenge will take place in view of the stunning vistas on offer in Iceland, home to active volcanoes and glaciers, as the former United goalkeeper and his peloton pedal across rugged terrain in view of iconic sites such as the Mount Hekla volcano and the ice-capped Katla on the Mýrdalsjökull.
It's the Manchester United Foundation's latest ambitious challenge following the Sahara desert trek, the climb up to Machu Picchu and the conquering of Kilimanjaro, and Schmeichel is the latest ex-Red to take up the task.
"Iceland has some of the finest landscapes in Europe and to take on this challenge will be incredibly demanding," he says. "I'm sure it'll be one of the most rewarding things I've ever done. I can't wait to meet the rest of my fellow cyclists."
Manchester United fans who wish to complete a physical challenge and raise money for a great cause can join Peter on the trip, starting on 3 September 2014, with all proceeds funding the Foundation's continued work with young people in Greater Manchester, from football coaching, skills training, personal development and providing opportunities to change their lives for the better.
For more information or to sign up, visit mufoundation.org/Iceland or call the Foundation on 0161 868 8600.