The 22-year-old attacker hasn’t signed a new contract with the Bundesliga outfit to throw his future at Schalke 04 into doubt.
Meyer has been linked with a potential move to Premier League side Liverpool FC over the past few months.
The Schalke 04 has also previously been linked with London duo Arsenal and Chelsea FC ahead of the summer transfer window.
Metro is reporting that Arsenal are in the running to land Meyer on a free transfer as the Gunners look to overhaul their squad.
Schalke 04 director Christian Heidel has confirmed that the Germany forward will leave the Bundesliga outfit at the end of the season.
“At the moment we can and must expect that Max leaves the club in the summer,” Heidel is quoted as saying by Metro.
“Everything suggests that. There is no offer from us and no wish from Max to have a conversation again.”
Arsenal signed Borussia Dortmund striker Pierre-Emerick Aubameyang in a club record £56m deal on transfer deadline day in the January transfer window.
The Gunners recruited Armenia international Henrikh Mkhitaryan in a swap deal from Manchester United.
Arsenal will take on Russian side CSKA Moscow in the Europa League quarter-finals next week.
The north London side have won the FA Cup crown three times in the past four seasons.
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