German playmaker Meyer is expected to move to Palace on a free transfer.
Meyer, 22, is available on a free transfer after his contract with Bundesliga outfit Schalke expired earlier this summer. Because he is still below the age of 23, Palace will have to pay a £450,000 compensation package.
But that is a bargain, with The Sun reporting last summer that Tottenham Hotspur wanted the Germany international for £17.5million. Indeed, Palace have secured a huge coup with the signing of the pocket-sized star.
Meyer is set to sign a four-year contract and his huge new wage will see him rake in just over £35million during his time at Palace - double what Tottenham were looking to pay Schalke for his services.
It will see the German eclipse Palace's current highest earner, with Christian Benteke currently earning £120,000 while Wilfried Zaha rejected a contract earlier this summer that would have seen him paid a similar figure.
It is a huge signal of intent from Palace to both bring in one of Germany's hottest talents. but also to pay him an astronomical fee. The pressure is now on Meyer to steer Palace clear of the relegation zone.
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