In May, 2014, a Swiss court awarded Elena Rybolovlev over four billion Swiss francs ($4.2 billion, 3.6 billion euros) -- the equivalent of half his fortune, in their divorce, which at the time was dubbed the divorce of the century.
On Tuesday the pair said in a joint statement that they had "reached an agreement on the terms of the divorce" in a move they said "puts an end to all legal procedures launched in different jurisdictions.".
The statement did not specify the amount agreed upon.
His ex-wife's lawyers argued that the appeals court calculated his net worth on the basis of the 2005 figures and not the 2008 ones.
They appealed the June ruling to the country's highest court, but following the agreement announced on Tuesday, the court will no longer be called upon to rule in the case.
The couple married in Cyprus and were together for 23 years, but have been battling over the terms of their divorce since 2008.
The Russian tycoon, a big collector of art, has accused Bouvier of selling him works by the likes of Picasso, Modigliani, Degas and Gauguin at hugely inflated prices.