Meyer arrived last year from Schalke.
He told the club's website: "Last season was my first season in a new country and league, and I think the second year will be even better. I hope so: more goals, more assists, more points as a team.
“We have the quality in the team to finish of course in the top 10, maybe higher. When I compare with my old team (Schalke) – we finished my final season in second place. This team has a lot more quality – we can do better next season. I think we played well last season, after not a great start. If we play like we did near the end, I think we can finish higher."
Roy Hodgson often employed Meyer on the left-hand side of central midfield, as well as a purely central role. It is a change from his latter years at Schalke, where he sat as a defensive midfielder.
“My position in Schalke was too deep. I like this position (at Palace) more; I am looking to attack more. It's a good mix for my position - I like the position the gaffer gave me – whether it's on the left or the middle, it doesn't matter."