The Sun is reporting that the 22-year-old looks set to leave the German club at the end of the season after Schalke reportedly failed to convince him to sign a new contract at the club.
That would mean that the German could be available this summer as his current deal is set to expire at the end of the current campaign.
According to the same story, the development is likely to be of great interest to both Arsenal and Liverpool FC, who are reportedly keen on signing Meyer this summer.
The story says that both of the Premier League clubs have been keeping tabs on the attacking midfielder, who has made 23 Bundesliga appearances so far this term.
Because he is not yet 24, he will not be able to leave Schalke on a free transfer, meaning that any interested club would have to come up with a compensation package to sign him.
According to the same story, the fee would likely be around £8m, which both Arsenal and Liverpool FC would be able to easily afford.
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