The highly-rated 18-year-old has recently been linked with both Chelsea and Fiorentina despite making his debut in February but has committed himself to the club until 2018
The 18-year-old, who played a key role in Germany's run to the final of last year's Under-17 European Championship, only made his debut for Die Knappen in February but has already reportedly piqued the interest of Chelsea and Fiorentina.
Consequently, Schalke manager Horst Heldt is delighted that the Bundesliga outfit have managed to tie Meyer down to a contract that will keep him in Gelsenkirchen until at least 2018.
"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 was only too happy to extend his stay at the Veltins-Arena, saying: "I'm delighted with the extension. I feel great here.
"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 made 10 appearances in the Bundesliga so far this season, scoring three times in the process.