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Formula One leader Lewis Hamilton joined the Monegasque, who was three years old when Schumacher racked up four successive poles in 2000, on the front row with Mercedes unable to match Ferrari's pace but on a different tyre strategy.
Leclerc, 21, has now out-qualified his four-times world champion team mate Sebastian Vettel, who starts in third place after winning in Singapore last weekend, for nine successive races.
The youngster was not about to get carried away, however, after his sixth pole of the season and his career.
"The car felt amazing. It definitely feels great to be back on pole but I don't know if it's the best track to start on pole," said Leclerc after lapping the Olympic Park circuit in one minute 31.628 seconds on the fastest soft-compound tyres.
"It definitely feels very special but I don't really want to think about those stats for now, I just want to focus on the job," said the youngster when spoken of in the same breath as seven-times world champion Schumacher.
"There's still a long way to go tomorrow, we've been competitive all weekend long and the race simulation seems positive too. It's looking good for tomorrow."
Hamilton had been third behind the two Ferraris after the first flying laps of the final shootout session but the man who has more career poles than any driver still lifted himself on to the front row with slower, medium tyres.
His time was 0.4 seconds off Leclerc's best but denied Ferrari a front-row sweep by 0.023 ahead of a race that has only ever been won by Mercedes since it first appeared on the calendar in 2014.
"It was a tough qualifying session because these guys have some crazy speeds on the straights," said the five-times champion after ending up in a Ferrari sandwich.
"They go to another level. You know that whole 'party mode' you talked about us having? They have something else beyond that - jet mode.
"Nonetheless I gave it absolutely everything I had at the end. I'm so glad it came together, I wasn't expecting it to."
GRID PENALTIES
Max Verstappen qualified fourth for Red Bull but the Dutch youngster carries a five-place grid penalty due to an engine change, meaning Hamilton's team mate and title rival Valtteri Bottas moves up to the second row.
Hamilton leads Bottas by 65 points with six races remaining and is well placed to extend his lead on Sunday, given that he is 96 points clear of closest non-Mercedes rivals Leclerc and Verstappen in the standings.
Verstappen's Thai team mate Alexander Albon crashed out of the first phase of qualifying, smashing backwards into the barriers at turn 13 and bringing out the red flags, after Williams's Robert Kubica had also spun.
"There's nothing really to say other than I went in a bit hot like Max did in FP3 (final practice) and I lost the rear. There's a tailwind in that corner and it just caught me out. When these cars go, they go quick," said Albon.
"It was a silly mistake."
McLaren's Carlos Sainz will start fifth with Renault's Nico Hulkenberg sixth on a day when the Woking-based team announced it would be switching from the French manufacturer's engines to Mercedes from 2021.
Sainz's rookie team mate Lando Norris starts seventh with Haas's Romain Grosjean eighth and Renault's Australian Daniel Ricciardo joining former Red Bull team mate Verstappen on the fifth row.
The only Russian on the starting grid, Toro Rosso's Daniil Kvyat, will line up last due to engine penalties.
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