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As part of the proposed settlement, Weinstein would not be required to admit wrongdoing or pay out any of his own money, the newspaper reported, citing lawyers involved in the negotiations.
More than 30 actresses and former Weinstein employees from several countries, who have sued him over offences including rape and sexual misconduct, would share in the payout.
Insurance companies representing Weinstein's bankrupt studio would cover the costs, according to the Times.
The paper added that the tentative legal deal has received preliminary approval from the major parties involved.
It does not cover a criminal case against Weinstein, who is awaiting the start of his trial next month on charges that he raped a woman in 2013 and performed a forcible sex act on another woman in 2006.
Weinstein, 67, has pleaded not guilty to multiple charges of sexual abuse. He could face a life sentence if found guilty at trial.
He had been free on a 1-million-dollar bail, but earlier on Wednesday, a New York judge increased Weinstein's bail over allegations that he failed to wear his mandated ankle monitor at times, according to media reports.
For the new bail, Weinstein must put up 2 million dollars through an insurance company bond, secured with his original cash bail, news outlet CNN reported.
The judge's decision came after prosecutors argued at a hearing last week that Weinstein violated bail conditions by mishandling his electronic tracking device.
Images of the former producer arriving at court in Manhattan on Wednesday showed him looking frail and using a walker.
US media reported that Weinstein is set to have back surgery on Thursday, citing his lawyer.
"He is in pain, he's having surgery, and we will be back in court on January 6 for trial," attorney Donna Rotunno said.
The judge warned that if Weinstein had any further medical issues, the court would "not be terribly understanding," CNN reported.
Dozens of high-profile actresses have accused Weinstein of sexual misconduct dating back decades since October 2017, when US media detailed numerous allegations against him.
Their stories touched off a cascade of accusations against other powerful men and led to the spread of the #MeToo movement.
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