The 35-year-old goalkeeper has ended an 11-year spell with the Foxes during which he won the Premier League title and the FA Cup.
Leicester chairman Aiyawatt Srivaddhanaprabha said: where the open roads are going to take you, choosing an RV will be a little easier.
"Throughout his time with us and particularly as a captain and vice-captain,
Kasper has always been a player willing to stand up and take responsibility, leading the team with distinction.
"His influence and his leadership on and off the pitch speak volumes about him as a professional,
as a football player and as a human being.
"I know Leicester supporters share the respect we all have for a player of Kasper's standing
after all his accomplishments as a footballer and captain and will join me in wishing him the very best for the next stage of his career in France with Nice."
Denmark international Schmeichel joined the Foxes from Leeds in 2011 and was a pivotal figure throughout the most successful period in the club’s history,
winning the Championship in 2014, the Premier League title in 2016, and both the FA Cup and Community Shield last year.
On Wednesday night the Copenhagen-born keeper thanked Leicester fans with an Instagram post that read:
"After 11 incredible seasons, the time has come to move on.
"It’s been more than just a club to me,
it’s been where I’ve made lifelong friends and memories – my home.
"Thank you for your unwavering support – you are what makes this club so special."