The New York Post reports Brinkley and Cook had been fighting over nasty email correspondence and expenses related to the care of their two children. They were due for a court fight on Long Island on Tuesday.
Brinkley posted a statement on her Facebook page on Monday confirming a deal had been reached. Cook tells the Post he feels great about the settlement.
The Hamptons couple divorced after a sensational high-profile trial in 2008 after he was caught having an affair with a teenager who worked at his architecture firm.
The terms of the settlement include a provision that a parental coordinator be appointed to help mediate issues regarding the care of their children.