The terms of the proposed settlement were not disclosed, and will need to be approved by a federal judge in New Jersey, where the case was filed.
"Walmart did right by me and my family, and for my associates and their families. I am grateful that the case was resolved amicably," Morgan said in a statement today.
Morgan's attorney, Benedict Morelli, said: "Walmart and I worked diligently to reach this settlement for the plaintiffs and their families. Walmart took full responsibility for the accident, which we greatly appreciate."
Greg Foran, Walmart U.S. president and CEO, said in a statement: "Our thoughts continue to go out to everyone that was involved in the accident."
"While we know there is nothing that can change what happened, Walmart has been committed to doing what's right to help ensure the well-being of all of those who were impacted by the accident. We worked closely with Mr. Morelli, and we are pleased to have reached an amicable settlement that ends this litigation. We are deeply sorry that one of our trucks was involved."
"He's still fighting and trying to live his life at the same time and trying to get better, and he's just not better," Morelli, said last November. "We're hoping and praying to get him back to where he was. But the jury's out."
In January, McNair's family reached a settlement in a wrongful death claim with Walmart. The amount was subject to a confidentiality agreement between Walmart and McNair's two adult children.
"Nothing can take the place of their father,” their lawyer, Daryl Zaslow, told ABC News at the time. "But to the extent that their father would have continued to work to support them, their father would be very happy with what his legacy has left them.”