The 18-year-old midfielder only made his debut for the Bundesliga outfit earlier this year, but has made four starts and scored three goals so far this season.
He has played against Chelsea twice in the UEFA Champions League, while Schalke are currently sixth in the Bundesliga table.
An Under-19 international for Germany, Meyer is aware of the interest his displays have attracted but says negotiations with his club are progressing well.
"I am really happy I seem to be so much in demand," he told Deutsche Pressagentur.
"I have read about an interest from Chelsea in the newspapers. But I am feeling great being at Schalke.
"We are in very good negotiations with Schalke and I think we will be able to come up with a result in this before the end of the year."