The Netherlands international's current deal is due to expire in the summer of 2013, but the Konigsblauen are keen to hold on to the prolific hitman after an impressive 2011-12 campaign.
The 28-year-old netted an impressive 29 Bundesliga goals last term, and Schalke are supposedly ready to offer him a three-year deal worth €8 million per season.
"I am keen to open talks with Schalke. We will meet either in the upcoming weeks or months to discuss a contract extension," Huntelaar stated at a press conference.
"I want to play an important role at Schalke. I'm ready to take on more responsibilities."
Huntelaar joined Schalke from AC Milan in the summer of 2010 and has since become a key player at the Bundesliga side.