The university announced the move Tuesday. Ohio State was scheduled to live-stream a news conference at 2 p.m. officially announcing Meyer's retirement and the introduction of coach Ryan Day.
Day is Ohio State's offensive coordinator, who served as interim coach earlier this season when Meyer was suspended for the first three games of the season after an investigation into his handling of abuse allegations against a former assistant.
Meyer owns an 85-9 record in seven seasons with the Buckeyes. He has a 54-4 record in Big Ten games and has won three national championships -- one at Ohio State and two with the Florida Gators.
The 54-year-old owns a 186-32 overall record in 17 seasons. He coached for two years at Bowling Green and two years at Utah before joining Florida in 2005. He joined the Buckeyes' sideline in 2012, following a two-year hiatus after leaving his gig with the Gators in 2010.
Meyer began his college coaching career as a graduate assistant in 1986, coaching tight ends. He coached wide receivers in 1987. He later served as an assistant coach at Illinois State and Colorado State before working at Notre Dame for six years. He then left the Notre Dame sidelines for his first head coaching job at Bowling Green.