The 19-year-old attacker only arrived at the Gelsenkirchen side from Ghanaian side UniStar Soccer Academy last year.
Tekpetey featured mainly for the Royal Blues’ reserve side in the Regionalliga West last campaign and only made three senior team appearances.
According to Vorarlberger Nachrichten, Schalke and Altach have reached an agreement for his loan move.
The Black Stars starlet has a year remaining on his deal with Schalke and should he impress in Austria, he will not only earn a recall to return to the German top tier but will also secure himself a new deal, suggested the report.
German second division side VfL Bochum were also interested in the attacker.