Premier League side Liverpool confirmed on Monday that Schalke's Cameroonian defender Joel Matip will join the club this summer, ending speculation over the player's fate.

"The 24-year-old will join the Reds in the summer following the conclusion of his current deal with FC Schalke," read a statement on Liverpool’s official website on Monday.

Matip's contract with Shalke expires this summer and he refused to extend his contract with the Bundesliga outfit.

"We have held intensive talks since May last year, both with Joel and his advisor," Schalke's general manager Horst Heldt was quoted as saying by Sky Sports on Monday.

"But it was soon clear there were factors in Joel's decision we ultimately could not influence."

However, the German-born defender explained his decision to leave Shalke by his desire to "experience something completely new" after spending around 16 years at the club.

"I have always said that I would only leave Schalke to experience something completely new, and moving to another Bundesliga club was never an option," he said.

"Although my decision was not easy, I am convinced that now is the right time to take this step."

"Schalke 04 will remain special to me. I was always proud to play for this great club and I will do everything possible in the coming months to get the most out of this season."

Born to a German mother and a Cameroonian father, Matip has played 27 international matches with Cameroon, including a participation in the 2014 World Cup.