Meyer, 22, is the south London team's third recruit in the transfer window after Vicente Guaita joined last month and Cheikhou Kouyate moved to Selhurst Park from West Ham United on Wednesday.
"I played at Selhurst Park last season for Schalke and the atmosphere was perfect, and I can't wait to experience the atmosphere for a Premier League game," said Meyer.
Meyer, who has played four times for Germany, came through the youth ranks at Schalke and scored 22 goals in 192 games for the club, including three Champions League campaigns. He helped them to finish runners-up in last season’s Bundesliga.
On the international stage, Meyer won a silver medal at the 2016 Olympics and was part of the 2017 European U21 Championship winning side. He made his senior Germany debut in 2014.
(Writing by Ken Ferris; Editing by Pritha Sarkar)
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