The 21-year-old is set to become the Bundesliga club's first-choice option in goal by 2020 at the latest, with current incumbent Alexander Nubel on the way out,
Sport1 claims that Schubert has already signed a four-year deal with Schalke after leaving Dynamo Dresden at the end of his contract.
His new deal will contain a release clause and the player is expected to be presented on Friday.
Schubert held talks with Arsenal about a potential move to London and was promised game time in the League Cup while he challenged Bernd Leno for the No.1 jersey.
However, his future appears to lie in Germany after he made 31 2.Bundesliga appearances for Dynamo in 2018/19, keeping nine clean sheets.
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