Meyer will coach his last game in the Rose Bowl vs. Washington on January 1, 2019, and be succeeded by offensive coordinator Ryan Day.
Less than a year later, he was hired at Ohio State.
The university confirmed the news, announcing a 2 p.m. press conference for Tuesday.
There has been never-ending speculation about Meyer's future since his health has been on display for the past two months.
It's been a troubling year for Meyer who was suspended without pay for the first three games of this season for his mishandling of the domestic assault allegations against former wide receivers coach Zach Smith.
It had been reported in late October that there was "friction" between Meyer/the football staff "and athletics leadership as well as within the program itself"; the head coach subsequently attempted to knock down that report, for what it's worth.
His time at Ohio State wasn't without controversy.
Meyer was 81-9 with a national championship at Ohio State after six years at Florida, where he won two national titles.
Ohio State and Washington are set to play on January 1.
He started his head-coaching career at Bowling Green in 2001 and moved on to Utah two seasons later before taking the Florida job in 2005 and rocketing to the top of the college football coaching ranks, a peer of Alabama coach Nick Saban in terms of respect and ability.