The settlement, which has not been finalized, would allow Frank McCourt to retain ownership of the team by selling the Dodgers' television rights in U.S. Bankruptcy Court, The Los Angeles Times is reporting.
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The McCourts have been embroiled in a costly divorce battle with ownership of the Dodgers left hanging in the balance.
They previously reached a divorce settlement on June 17, but the deal hinged on the approval of a proposed television contract between the Dodgers and Fox.
Selig rejected the $3 billion, 17-year deal, saying in part that almost half of an immediate $385 million payment from Fox would have been diverted from the team.
For Frank McCourt to keep the Dodgers, he likely needs a U.S. Bankruptcy Court judge to deny Selig's request and to grant an auction of the team's television rights, over the objections of Selig and Fox Sports, the Times reports.
Frank McCourt took the Dodgers into bankruptcy on June 27, without notifying Jamie McCourt, who had asked the divorce court to order the team sold.
Jamie McCourt then lined up behind MLB and Fox in asking the bankruptcy court to reject Frank McCourt's bid to auction the Dodgers' television rights.
It is uncertain whether the court would allow Frank McCourt to use the television money to satisfy a divorce settlement or whether the net proceeds of a sale of the team would exceed $130 million.
The McCourts announced their separation on the eve of the 2009 NLCS.
Their divorce is thought to be the state's most expensive, with legal costs surpassing $20 million.