Sorry, but he won't just "grow" out of it on his own. In fact, the longer you leave it, the larger he gets and the more ingrained this bad habit becomes.
The quickest and easiest way to repair this problem is to seriously let him know that this is unacceptable behavior. You will not tolerate it anymore.
When he jumps up, grab him by the collar, at the same time say "NO" (loudly and firmly), pull him back down to his four feet on ground. "Stay-off" could be used when he starts this. If he persists (very likely), do the same thing again and again and again. Repetition is the name of the game with the youngster. :)
Me personally, I would be training him to "lie-down" and use it when he starts this. Eventually, visitors and other people will be fair game for this same type of behavior. Suprisingly, many do not like big heavy dogs that jump on them, regardless of smiles and tolerant-seeming attitudes :rolleyes: :) :P
Right now, he's viewing you as a big chew toy ---at his convenience too. Bringing your hands back like you are doing, makes this seem fun and playtime. Kind of like "hiding the toy" game :) He's not taking you seriously.
Time to bring down the law and let him know who's "in charge" :rolleyes: You could always start the NILIF program to gain his attention (Nothing in life is free --just do some searches on here for explanations) :)
Since he is a large breed, you should consider no longer letting him jump while playing (until he's much older in his head) just to get him out of the habit.
Have you consulted with his breeder for a possible recommendation for a "school" could be for him? He'll definitely need something soon, so you won't have permanent teeth marks and begin pulling your hair out in frustration. :)
hth a bit,
good luck
toodles