TMZ is reporting that the Pirates of the Caribbean star agreed to pay his ex-wife $7 million to settle the case.
Depp and Heard also released a joint statement in which they acknowledge their relationship was volatile and neither intended the other any physical or emotional harm.
The statement says that Heard will be donating proceeds from the divorce settlement to an undisclosed charity and that neither actor will comment further on the case.
The news comes after Heard reportedly sat through a seven-hour deposition against the actor earlier this month. TMZ and The Daily Mail say the actress faced intense grilling over some of the allegations she made against Depp.
Heard and Depp were married just over a year ago, and on May 23 Heard filed for divorce, seeking spousal support. She cited irreconcilable differences as the reason. They met while filming The Rum Diary in 2011.
Since the initial divorce papers were filed, several photos emerged showing Heard with a bruised face; there were also allegations Depp cut off part of his finger during an altercation with the actress. Several additional stories allege the duo lied or fabricated evidence during the divorce proceedings.