The midfielder has been linked in the media with the likes of Bayern Munich, Arsenal and Liverpool. Schalke had been desperate for him to sign a new deal but say the decision has been amicable.
Max Meyer's Schalke story is over. The club have confirmed that the 22-year-old will join fellow midfielder Leon Goretzka in leaving at the end of the season when his deal expires.
Goretzka has agreed a deal with Bayern Munich but Meyer's destination is unknown. Media reports have mentioned Bayern as a potential suitor but with Goretzka already heading to Bavaria, it does seem unlikely.
Speculation has also swirled around Liverpool and Jürgen Klopp's interest. RB Leipzig's Naby Keita is already heading to Anfield in July but Tuesday's injury to Alex Oxlade Chamberlain in their Champions League semifinal first win over Roma showed Liverpool are a little stretched in midfield.
Arsenal are another possible landing spot for Meyer but with Arsene Wenger's departure, that looks complicated.
Meyer's worth has also perhaps dipped in recent months. He was the talk of European football after captaining Germany at the 2016 Olympics but an up-and-down season this term means he is unlikely to go to the World Cup. But if he did not have a good club lined up, Meyer would surely have stayed at the Royal Blues.
So where does it leave Schalke? They have enjoyed an excellent bounce-back season under dynamic young coach Domenico Tedesco and look set to finish as the best of the rest in the Bundesliga behind Bayern Munich. But now the heart of their midfield is being ripped out.
Sporting director Christian Heidel has a lot of work to do, given the squad will also have to deal with the demands of the Champions League next season.