"The settlement is all worked out," a source spilled to a news publication in the early hours of Friday. "They've been working on the terms this whole time."
"They agreed to joint custody of the kids," the source added of the NFL pro and the supermodel's two children: son Benjamin, 12, and daughter Vivian Lake, 9. Brady is also dad to 15-year-old son Jack, whom he shares with ex Bridget Moynahan.
The couple's split comes as rumors of trouble in paradise have been circulating for months following Brady's decision to un-retire only weeks after announcing he was stepping back from the league.
Following insiders whispering that the two have been struggling — with one source saying Bündchen is "done with their marriage" — an insider claimed in early October, "She was upset about it for a long time and it's still difficult, but she feels like she needs to move on. She doesn't believe that her marriage can be repaired."
OK! reported in September that the apparent ex couple has been living in separate homes in Florida following a rumored blowout fight. Speculation that the two were headed for a split began over the summer when Brady missed 11 days of his training camp, only saying at the time: "Everyone has different situations they’re dealing with and we all have unique challenges to our lives."
They have since both hired divorce lawyers as they try to navigate the nexts steps of their reported divorce.
The Tampa Bay Buccaneers quarterback and the former Victoria's Secret Angel began dating in late 2006, shortly before Moynahan found out she was pregnant with their son, who was born the following August. Brady proposed to Bündchen in January 2009, and the lovebirds said "I Do" the following month in a private ceremony in California.
The Super Bowl champ and the brunette beauty exchanged vows once again that April at Bündchen's home in Costa Rica.
People reported the two are filing for divorce on Friday.