The 37-year-old is said to have played his last match for the club, according to by The Sydney Morning Herald's Vince Rugari.
The 2014-15 Bundesliga golden boot winner joined the Wanderers in September, but only managed to score one goal and make one assist in 12 appearances.
Meier's struggles have mirrored those of the Wanderers - the club has lost seven of their last nine matches.
"Sources close to the situation have confirmed Meier has played his last game for the Wanderers, although the club was on Thursday refusing to comment on his status," Rugari wrote.
Meier was one of three German-based players brought in by coach Markus Babbel in the off-season, along with defensive midfielder Pirmin Schwegler and right-winger Nicolai Muller.
The Wanderers currently sit in 8th on 14 points, although all three clubs below them have a game in hand.
