The Los Angeles Times, citing Sterling attorney Bobby Samini, first reported the agreement Friday.?
"Donald is pleased with the outcome and is looking forward to focusing on future endeavors," Samini wrote in an email to the Times.
Samini filed a voluntary motion on Friday to dismiss the lawsuit. Details of the settlement were not available.
Sterling filed the antitrust lawsuit in 2014, alleging that the NBA and others conspired to remove him as owner of the Clippers.?
Those named in Sterling's lawsuit included the NBA, commissioner Adam Silver, former commissioner David Stern, Sterling's wife and two doctors who found the former owner to be mentally incapable of serving on the family trust that controlled the team.
A federal judge dismissed Sterling's lawsuit in March.
Sterling appealed that ruling but missed a key filing deadline last month.
The lawyer for Sterling's wife, Shelly, called Friday's settlement it a capitulation. ?
Messages seeking NBA comment weren't immediately returned.
The Associated Press contributed to this report.?