According to reports from Austria, the Gelsenkirchen club are eager to strengthen their attacking options ahead of the new campaign, with Kalajdzic emerging as a major target.
The 28-year-old spent last season on loan at Austrian champions LASK, where he made 17 appearances, scoring once and providing four assists.
Despite ongoing talks with veteran striker Edin Dzeko over a possible contract extension, Schalke’s interest in Kalajdzic reportedly remains strong.
The Austria international is expected to return to parent club Wolverhampton Wanderers this summer after his loan spell.
Kalajdzic previously impressed in the Bundesliga with Stuttgart, recording 16 goals and six assists during the 2021/22 season before earning a move to the Premier League.