The Detroit Free Press reported Wednesday that the university agreed to the half-billion dollar settlement, which includes $425 million that will be paid out to the now known victims.
The statement doesn't indicate how much money each victim would receive.
Michigan State University has settled hundreds of lawsuits filed against it by the survivors of MSU doctor Larry Nassar's sexual assaults. Alison Overholt, an ESPN vice president, says the women and girls who spoke out about how Nassar sexually abused them have shown "what it truly means to speak truth to power".
The scandal is the biggest in US Olympic history and has had far-reaching effects - ending careers at USA Gymnastics, the Olympic committee and at Michigan State University.
Some 200 victims testified during live-streamed sentencing hearings in January and February about the resulting emotional and physical scars they have endured.
"Michigan State is pleased that we have been able to agree in principle on a settlement that is fair to the survivors of Nassar's crimes", Robert Young, special counsel to MSU, said in a statement released by the university.
According to the lawyers, $425m will be paid to the claimants, and another $75m would be set aside for any future allegations against Nassar, 54, and the university. She says she is also disappointed that a resolution hasn't been reached with other organizations such as USA Gymnastics.
He is serving a 60-year sentence for child pornography. Victims alleged that Michigan State covered up Nassar's abuse and ignored reports of sexual misconduct.
Olympic gold medal winners Aly Raisman, Jordyn Wieber, McKayla Maroney, and Gabby Douglas are among his accusers, per NBC.
Lindsey Lemke, a former MSU gymnast, said she hoped the settlement would bring what she has called long-overdue change in how the university responds to abuse claims.
The settlement ends civil legal proceedings that started over a year ago against Nassar, when multiple women and girls said he sexually assaulted them.
The MSU board issued a separate statement in which it apologized to the victims and their families, while also acknowledging the "need for change on our campus and in our community around sexual assault awareness and prevention".
Nassar is now being held in federal jail and will likely remain there for the rest of his life.
He handled campus athletes and scores of younger gymnasts at his Michigan State workplace. "This settlement from Michigan State is a huge victory for the survivors as it is the real first sign of accountability that we've seen". He had an global reputation while working at the same time for USA Gymnastics, which trains Olympians.