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UPDATE: A rep for Debbie Rowe denies today’s story, calling it “completely false.”

According to a story in today’s New York Post, Debbie Rowe has agreed to cease squabbling over the two children she had with late superstar Michael Jackson for a hefty price tag.

The paper quotes a source as saying that the Jackson family has decided to hand over $4 million to Rowe in exchange for her giving up all claims to parental rights. This means that, even if something should happen to Michael’s mother, Katherin Jackson, Debbie would have no legal ground on which to file for custody.

“It’s one final payday,” they quote the source as saying about the arrangement. “They felt it was like a ransom-type thing. [Rowe] jumped back into the picture because she wanted money.”

The custody battle was to have begun in court yesterday, but as reported by OK!, that first hearing was rescheduled a week at the last minute.

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