O'Driscoll has been limited to just 70 minutes competitive rugby since the second Test against Australia, a 16-15 defeat in Melbourne.
But Schmidt insists the 34-year-old is in contention to play a part against Samoa next weekend, although he admits the final decision will be made by the player himself.
"I think if you ask him, he'll say 'yes', undoubtedly [he will play]," said Schmidt. "My view would be to be guided by him. He knows his own body pretty well. I think that he's so fresh is a real advantage.
"It'd be nice to be able to say 'bring him back in a Pro12 game', give him 60 minutes or give him 50 minutes and build him back in to full match fitness.
"We don't have that luxury. We have to play three finals in a row and you've got to prioritise the first final. And so if he does play and start against Samoa, I'd expect he could probably do the same against Australia and New Zealand.
"The one thing I would say about Brian is he is training really well. He is looking sharp, he is pretty comfortable on the pitch at the moment. I have no doubt a steely mind can get over some fatigued lungs and at this stage I'd be really comfortable with Brian starting against Samoa if that's what we think is the best option."