Katherine's attorney Perry Sanders said in a statement to ABC News today that the 82-year-old matriarch and her grandson TJ will file a joint petition at the beginning of next week asking the court to reinstate Katherine as the guardian and appoint TJ as a co-guardian.
Responding to news of the deal, Randy Jackson, one of Katherine's sons, said the agreement was based on "lies."
"In order to obtain temporary guardianship, TJ lied to the court. Rebbie, Janet, Jermaine and I would never harm our mother and we are doing our best to protect her and the Estate knows that. I want to know why Perry Sanders would consider a negotiation based on lies," Randy said in an exclusive statement to ABC News.
He said Katherine had already told TJ "no" twice when he asked her if he should seek temporary guardianship.
"The same people that are trying to manipulate my mother are the same people that were involved with my brother when he died," Randy said in the statement. "The Estate is trying to isolate my Mother from her family JUST LIKE THEY DID TO MICHAEL, in order to propagate their lies, financial agendas and to protect a fraudulent will."
He concluded his statement with, "It is my fear and belief, that they are trying to take my mother's life."
Sanders said that the planned pleading "will essentially now legally reflect how Mrs. Jackson and TJ have often shared responsibilities of raising the children since Michael Jackson's tragic passing," and will "eliminate concerns such as the ones triggered by the events of the last few days." Sanders said Katherine would remain in control of the children's family allowance.
On Wednesday, a judge removed Katherine Jackson temporarily as guardian and named her grandson TJ Jackson, 34, as temporary caretaker of the late legend's children amid a bitter family dispute over Michael Jackson's estate. TJ Jackson is the son of Tito Jackson.
The move was prompted by 82-year-old Katherine Jackson's recent long absence as she stayed in Tucson, Arizona, during which time she reportedly had no contact with her grandchildren. She later claimed she was taking a break and had voluntarily cut off communication.
Katherine Jackson told ABC News in a televised statement that the court ruling was "based on a bunch of lies" and she was "devastated" the children were taken away from her.
"There are also rumors going around about me that I have been kidnapped and held against my will," said Jackson. "My children would never do a thing like that, hold me against my will. It's very stupid for people to think that."
Sanders said the proposed arrangement would "empower TJ to take joint legal responsibility for certain day-to-day duties such as the management of household personnel, including security." If granted by the court, the agreement would actually continue the judge's current temporary order that all staffing and security matters are TJ's responsibility, a source told ABC News.
"All other decisions of day-to-day duties will be joint, with the caveat that the family allowance will continued to be paid through Mrs. Jackson," the source said.