Rupert Murdoch is moving towards an "amicable" divorce settlement with Wendi Deng Murdoch this week, according to people familiar with the situation.
The divorce, which was announced in June, has been the subject of intense scrutiny, given the Murdoch family's voting control of News Corp and 21st Century Fox.
The proposed settlement, which is unlikely to affect Mr Murdoch's control of the two companies, will be discussed in State Supreme Court in Manhattan on Wednesday, according to people familiar with the matter.
Details of the settlement were unclear, although Mr Murdoch has offered Ms Murdoch the triplex penthouse the couple once shared on Fifth Avenue in Manhattan, according to people close to the negotiations. The couple bought the property in 2005 for $44m.
Ms Murdoch has no equity and no voting rights in News Corp or 21st Century Fox.
In June Mr Murdoch filed for divorce from Ms Murdoch, his third wife, saying their 14-year marriage had "broken down irretrievably".
(Read more: Rupert Murdoch files for divorce)
Mr Murdoch's decision to remarry following his divorce from his second wife, Anna, caused tension with his older children, who are close in age to the 44-year-old Wendi.
The marriage was followed by a redistribution of Mr Murdoch's wealth among his adult children.
Wendi Murdoch was reportedly furious to discover that her children with Mr Murdoch – Grace and Chloe – would have no voting control when her husband revealed the agreement in a 2006 PBS television interview with Charlie Rose.
(Read more: Murdoch's estranged wife brings in legal big guns)
The following year, Mr Murdoch, whose net worth is estimated at close to $13bn, handed each of his six children about $160m worth of News Corp class A shares.
News Corp split into two separate companies this summer: News Corp, which houses the company's newspaper assets, including the Wall Street Journal in the US and The Sun in the UK, and 21st Century Fox, an entertainment group that owns the Fox movie studio and broadcast network.
(Read more: 21st Century Fox revenue rises after News Corp split)