Welsh midfielder Ramsey was a free agent after terminating his contract with Juventus earlier in the summer and turned down interest from MLS side Charlotte FC.
As a result, the 31-year-old has completed a move to the French club as he looks to reignite his playing career.
Welcomed with a message of 'Welcome to your new home, Aaron', Ramsey posted on social media, saying: "New chapter at Nice. Can't wait to get started."
A move to France offers the perfect platform to enjoy his football once again, with Ramsey potentially being joined by another familiar face in the shape of Schmeichel.
The Leicester City goalkeeper is reportedly set to undergo a medical in Nice this week after deciding to end his 11-year stay with the Foxes.
The 35-year-old is a key player for Brendan Rodgers, but according to the club's head coach who was speaking at the weekend, Schmeichel has earned the right to decide what is best for him at this stage of his career.
Rodgers said: "There's been a little bit of interest over the summer.
"Kasper has earned the right to have a think about the next chapter of his career and where that's going to be.
"When there's something concrete, we'll sit and discuss it, and take it from there.
"There's lots of things to weigh up because sometimes speculation and the prospect of a move can affect people.
"For some, it doesn't, and they just get on with their work. Either way I will always pick a team that is fully committed, that's what's important."
With speculation also surrounding the futures of Wesley Fofana, Youri Tielemans and James Maddison, it means that Leicester are gearing up for a big couple of weeks with the Premier League season due to get underway, with Alan Brazil describing their situation as 'a disaster'.
He told talkSPORT Breakfast: "Leicester are ones who worry me.
"We're not picking on Leicester, it's just the facts that in the papers again, Wesley Fofana looks like he could be going and Newcastle are back in for James Maddison.
"Brendan Rodgers doesn't want to lose either. He's already hinted that Schmeichel might not be there - that would be a disaster for Leicester if they lost three players like that."