Jolie's lawyer James Simon confirmed to The Associated Press that the couple had come to a deal.
News of the settlement was first reported by People magazine.
"More than eight years ago, Angelina filed for divorce from Mr Pitt," Simon said in a statement.
Brad Pitt and Angelina Jolie were among Hollywood's most prominent couples for 12 years. (AP PHOTO)
"She and the children left all of the properties they had shared with Mr Pitt, and since that time she has focused on finding peace and healing for their family.
"This is just one part of a long ongoing process that started eight years ago.
"Frankly, Angelina is exhausted, but she is relieved this one part is over."
No court documents have been filed yet, and a judge will need to sign off on the agreement.
An email late Monday night to Pitt's lawyer seeking comment was not immediately answered.
Jolie, 49, and Pitt, 61, were among Hollywood's most prominent couples for 12 years.
The two Oscar winners have six children together.
Jolie filed for divorce in 2016, after a private jet flight from Europe during which she said Pitt was abusive toward her and their children.
The couple had been co-owners of a winery in Correns, near Brignoles in southern France. (AP PHOTO)
A judge in 2019 declared them divorced and single, but the splitting of assets and child custody needed to be separately settled.
A private judge that the two had hired to handle the case reached a decision soon after that included equal custody of their children, but Jolie filed to have him removed from the case over an unreported conflict of interest.
An appeals court agreed, the judge was removed, and the couple had to start over.
No details of the agreement were immediately revealed, and the couple's use of the private judge - an increasingly common move among splitting celebrities in recent years - has kept the proceedings largely under wraps.
Some details have been revealed through a separate lawsuit filed by Pitt, in which he alleged Jolie reneged on an agreement that she would sell him half of a French winery the two owned together in Correns, near Brignoles in southern France.
It's not clear how the divorce agreement will affect that lawsuit.
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