Speaking at the Morgan Stanley Technology Conference in San Francisco, Schmidt confirmed rumours that the two companies were looking to do "more and more things together", MarketWatch reports.
"We have similar goals, similar competitors," Schmidt added, without going into detail on what the initiatives may be.
So far, the companies' collaboration extends to Apple integrating Google's geographical mapping service Google Maps into its forthcoming Apple iPhone mobile handset. Rumours also suggest that Google's technology will play an increasing role in Apple's soon-to-be-released Mac OS X Leopard operating system.
Schmidt is a member of Apple's board of directors, in addition to his role heading up Google.