The 18-year-old played against the Blues last week as the Bundesliga side fell to a 3-0 defeat at Stamford Bridge in the Champions League.
However, Meyer has still enjoyed an impressive start to the season, scoring three Bundesliga goals already.
And Schalke sporting director Horst Heldt claims Chelsea have been impressed with his early season form and are showing an interest, although no official offer has been made yet.
“There is no official offer from Chelsea,” the Schalke chief explained.
“But I have heard of the interest.”
Chelsea boss Jose Mourinho has been keen to add more talented young players to his squad, and sees Meyer as the perfect addition.
Meyer came to people’s attention last season, starring for Schalke as a replacement for Lewis Holtby, who completed a January move to Tottenham Hotspur.
But despite the interest from Chelsea, Meyer has previously stated he is happy in Germany, meaning Mourinho may well have to wait until the summer to land the youngster.
“I am happy that I am so popular. But I feel very comfortable here,” said Meyer.
“I hope that an agreement is achieved. I think it will happen this year.”