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Published 15:13 31 Jul 2018 BST
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The Guardian's report states that Meyer is due to undergo a medical at Palace on Tuesday.
Best in the number 10 role, he would fill a Ruben Loftus-Cheek shaped hole in the Palace squad, but his versatility would also allow him to play in a slightly deeper role, replacing the departed Yohan Cabaye.
Meyer's time at Schalke came to an end after he fell out with the club hierarchy, who were not willing to meet his wage demands. The fall-out was so severe that the club banished their star player from training in April.
Several clubs have been interested, but many have considered his demands to be too excessive, which has allowed Palace to swoop in. He would likely be paid somewhere in the range of £100k per week, just less than Palace's talisman Wilfried Zaha.
Meyer would become Palace's second signing of the summer, after goalkeeper Vicente Guaita arrived in July from Getafe, also on a free transfer.
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