The 22-year-old has been among the most sought after players in Europe, racking up almost 200 appearances for the Bundesliga side since making his debut in 2013.
Meyer and Schalke have reached an impasse over a renewal of his contract, with the club’s sporting director Christian Heidel now confirming the German’s much anticipated departure.
“Max will definitely leave Schalke in the summer,” he told the press. “We are dealing with this situation professionally.
“There weren’t, and there won’t be, any bad words from both sides; it’s all been very amicable.
“The player is planning his future, we are currently planning Schalke’s future, and our plans are heading in different ways.”
Milan have been to the Veltins-Arena already this campaign to scout Meyer, with sporting director Massimiliano Mirabelli thought to be keen on the German international.