Meyer signs for Palace on a free transfer after the midfielder let his contract at Schalke run down after the club refused to bow to his high wage demands.
Meyer is a German worldwide who refused to sign a contract with Schalke after reports of a dispute with sporting director Christian Heidel.
Instead, Meyer signed for Palace on a deal worth €10m-a-year.
Alexis Sanchez is thought to be the top earner in English football on £390,000 a week at Manchester United, with Arsenal's Mesut Ozil on £300,000 a week.
Meyer said, as quoted by Palace's website: "I feel really good and I'm happy to be here".
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Meyer managed to score 22 times in 192 appearances for the German club, while also making four appearances for his country.
'I'm proud to be here and I hope I can make the next step in my career.
Roy Hodgson won Palace fans over last season with his impressive management style and the way he went about taking them away from the drop zone.
'I played at Selhurst Park last season for Schalke and the atmosphere was ideal, and I can't wait to experience the atmosphere for a Premier League game'.
On the worldwide stage, Meyer won a silver medal at the 2016 Olympics and was part of the 2017 European U21 Championship winning side.