The details on the settlement have not been made public, but Evangelista claimed she spent $46,000 a month to care for their 5-year-old son.
Lawyers for Evangelista and Pinault plan to give details to a Manhattan judge on Tuesday. The judge must approve the settlement.
Pinault is CEO of the luxury-brands company PPR. He and Evangelista dated for about four months. Pinault is now married to actress Salma Hayek.
Supermodel Linda Evangelista and billionaire French businessman Francois-Henri Pinault have reached an agreement in their child support battle.