Offensive coordinator Ryan Day will assume that position beginning Jan. 2, the school announced Tuesday morning.
Meyer will formally announce the move at a news conference on Tuesday (2 p.m. ET) with Day and athletic director Gene Smith by his side in Columbus, Ohio.
The 54-year-old Ohio native has served as coach of the Buckeyes for the past seven years, posting a 92-9 mark overall and 54-4 record in Big Ten play with seven division titles (shared or outright), three conference championships and a national championship after the 2014 season. He also owns a sparkling 7-0 mark against bitter rival Michigan, with the last three wins coming against Jim Harbaugh.
Meyer owns a 186-32 record as a college head coach at Ohio State, Florida, Utah and Bowling Green with three national championships and seven conference championships.
Meyer has battled the effects of an arachnoid cyst on his brain, which causes severe headaches, especially when under stress. The cyst was diagnosed in 1998 but worsened the past few years.
During the Buckeyes' win over Indiana on Oct. 6, Meyer could be seen doubling over in pain from an ongoing headache issue. That led to questions about his future in coaching.
Meyer underwent surgery ahead of Ohio State's 2014 national championship run to remove fluid and reduce pressure in his brain. He had two holes drilled in his head in the procedure, but the problem was not solved.
A Football Scoop report last week detailed that Meyer would not coach past the 2019 season and that Day would assume the role. Meyer declined to comment when asked about the report.
Day is in his second season with the Buckeyes after previously working for Chip Kelly with the San Francisco 49ers and Philadelphia Eagles. He turned down college head-coaching opportunities and the Tennessee Titans' offensive coordinator job after the 2017 season.
The 39-year-old Day was the Buckeyes' interim head coach for the first three games of the season as Meyer served a suspension handed down from the university. The latter's ban stemmed from his handling of the employment and domestic assault allegations dealing with former wide receivers coach Zach Smith.
Zach Smith was fired in July after a pre-trial hearing on a charge of criminal trespassing and a report detailing domestic violence allegations from his then-wife, Courtney Smith, in 2009 and 2015. Zach Smith was arrested in the 2009 incident.
Day led the Buckeyes to a 3-0 record, as the team rolled up 169 points in wins over Oregon State, Rutgers and TCU.
After his first season in Columbus, Ohio State promoted Day to offensive coordinator, signed him a three-year contract and made him the school's first $1 million assistant.
Meyer also stepped down on two occasions as Florida's coach, with the last time being in 2010. After spending 2011 in an ESPN broadcast booth, Meyer accepted the Ohio State job on Nov. 28, 2011.