However, the Premier League sides will have to look for other targets for the foreseeable future, as the talented teenager has extended his contract in Gelsenkirchen.
The wonderkid has penned a new deal to keep him with the Bundesliga side until 2018.
Schalke manager Horst Heldt has admitted that the deal is a fantastic step for the club.
"This is great news for the club," he told the club's official website. "Many experts are expecting him to have a great career.
"His performances have been amazing over the past few months, so we are happy that he is staying with us."
Meyer has admitted that he is glad to be staying with the German side also.
"I'm delighted with the extension. I feel great here,” he said.
"Two things were important in my decision: that the club relies on players from its own youth system and that even at this early stage I've got the opportunity to play in a European competition."
Meyer has played ten times in the Bundesliga this term, netting three goals and has formed a formidable attacking line-up in Gelsenkirchen along with Julian Draxler and Kevin Prince-Boateng.
The 18-year-old has captivated audiences and caught the eye of European scouts with his vision and excellent technique. He has starred for Germany’s national age grade levels from under-15’s through to under-19’s.
image: © achimh