At 54, Meyer is relatively young for a football coach, but health issues reportedly played a role in his decision.
This breaking news story will be updated as more information becomes available.
Meyer has a 82-9 record during his time in Columbus, went 7-0 against MI and also finishes with a 54-4 record in Big Ten play.
It is expected that Meyer will cite his health as the reason for his departure. Meyer has been slowed by headaches caused by a cyst.
Ryan Day went 3-0 to start the season as the Buckeyes' head coach, and while the opponents weren't noteworthy, that doesn't mean people weren't taking note of Day's approach and performance. He also won titles at Florida in 2006 and 2008.
But the loss to Purdue weighed heavily and Ohio State finished No. 6 in the playoff rankings.
Day, 39, has had a 15-year coaching career in college football and the NFL but has never been a full-time head coach.
With a 186-32 record over 17 seasons, Meyer steps down with one of the best winning percentages in the history of college football.
Ohio State will play Washington in the Rose Bowl on January 1 after winning the Big Ten championship over Northwestern on Saturday. To me, after being around him it might be easy for me to say that, how special of a player he is, but to me it's obvious.
A former defensive back at Cincinnati, Meyer's swift rise to coaching prominence prior to Florida was evident in his two years at Utah.
His time at Ohio State wasn't without controversy. He later served as offensive coordinator at both Temple and Boston College, working for former Meyer assistant Steve Addazio. Urban Meyer, he really can't coach. The Buckeyes went 3-0 under Day, including a win over TCU in Arlington, Texas, before Meyer returned to the sideline September 22 against Tulane. Meyer will depart OSU after a season in which he was suspended for three games over his handling of domestic abuse allegations against an assistant coach.