The 22-year-old has generated interest in a number of top clubs around Europe after he made it clear that he would be leaving Schalke at the end of last season.
Palace have had a frustrating campaign in the transfer market, but with one week to go until the season starts, signing Meyer would serve as a massive boost for Roy Hodgson.
Meyer played as a defensive midfielder last season and made 28 appearances for Schalke. He has four caps for Germany and captained their team to the final of the 2016 Olympics.
He would represent a quality addition, and would be a fabulous signing for the Palace side that has lost Yohan Cabaye and Ruben Loftus-Cheek from the engine room.
Meyer would become Hodgson’s second signing of the transfer window should he join the club.