Rumours were circulating that the 22-year-old could earn as much as £170k at Selhurst Park but this figure was grossly exaggerated by the Daily Mail and he will, in fact, earn around £80k per week according to the Guardian.
To lure a central midfielder of Max Meyer's quality in a free transfer is possibly the deal of the summer, as Crystal Palace address a key position with a top-class German global.
"I feel really good and I'm happy to be here".
Max Meyer is Palace's third signing in the transfer window
Meyer has already racked up over 140 appearances for the German club, yet endured a public falling out with Schalke's hierarchy and is available on a free transfer. It's been a long day but now everything is good and I'm very excited to start with my new team-mates.
It is understood Meyer will be one of Palace's top earners at around £80,000 per week.
'I'm proud to be here and I hope I can make the next step in my career.
Meyer, who has played four times for Germany, came through the youth ranks at Schalke and scored 22 goals in 192 games for the club, including three Champions League campaigns.
After making his full worldwide debut in 2014, he also helped his nation win the silver medal at the Rio 2016 Olympic Games.
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