The German midfielder was firmly on the fringes under Roy Hodgson at Selhurst Park and the club have reached an understanding with him to end his deal early.
Meyer has been keen to move on from Crystal Palace in order to play regular first team football.
He will now be free to look for a new club to join as a free agent and has been linked with a return to Germany, with 1.FC Koln interested.
The 25-year-old joined the Eagles from German giants Schalke in 2018 in what was at the time considered a coup for the club.
Meyer failed to make an impact though and departs Crystal Palace having made 56 appearances, with two goals to his name.
Crystal Palace said in a statement: “Max Meyer has left Crystal Palace Football Club by mutual consent.”
The Premier League side have wished Meyer all the best for the future as he looks to get his career back on track.
