The news has been publicly relayed by Schalke chief executive Christian Heidel.
"Max Meyer will definitely leave Schalke this summer," he said on Thursday morning. "We're dealing with the situation very professionally. It's all been very amicable."
It was certainly expected after Heidel had confirmed at the end of March that there was no offer on the table and that the player had no desire to continue talks.
Meyer has been heavily linked with Liverpool and Tottenham in recent months. Arsenal are another Premier League club who have been mentioned in the gossip columns and he has been described by some as a possible 'heir' to Santi Cazorla, who may never play again.
Meyer has been in the Schalke first team since 2013 and already has close to 200 senior games under his belt. He made his international debut for Germany in 2014 and was part of the Under-23 squad that collected an Olympic silver medal in 2016.
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Joel Matip and Sead Kolasinac both left Schalke for free to join Liverpool and Arsenal respectively in the last two summers, while current star player Leon Goretzka has already agreed a deal to sign with Bayern Munich this July.