The accord would end almost all civil lawsuits by actresses and former Weinstein employees who accused him of offenses ranging from sexual harassment to rape, the newspaper said.
Harvey Weinstein and his former associates have a reached a US$47 million tentative settlement - US$25 million (AU$68.35 million) of which will compensate women who have accused Weinstein of sexual misconduct.
One of his accusers, 50-year-old Katherine Kendall, told The New York Times she was disappointed by the deal but had agreed to sign on because she didn't want other women to miss out on the payout.
"I'm going to be monitoring Harvey Weinstein on a Global Positioning System tracking bracelet from now until the end of trial - guilty or not guilty", Judelson told The Post.
Mr Weinstein faces a separate criminal trial next month on rape and sexual assault charges, which he denies. Sexual harassment lawyer Genie Harrison, who represents some of the accusers, added, "I don't think there's a markedly better deal to be made".
Time's Up, a woman's advocacy group formed in the wake of the Weinstein scandal, condemned the alleged terms on Wednesday afternoon. A separate $18.5 million would go toward those involved in a class-action case, the NY attorney general's suit and any future claimants, the Times reported.
More than 30 actresses and former Weinstein employees would benefit from the payout, according to the report. "He is in pain, he's having surgery, and we will be back in court on January 6 for trial", she said.
"We reject the notion that this was the best settlement that could have been achieved on behalf of the victims", said lawyers Douglas Wigdor and Kevin Mintzer, who are representing David and a second accuser, who has filed as a Jane Doe.
"The most troubling aspect of this settlement is a punitive provision created to force victims to settle", Giuffra said in a statement that included the names of several other lawyers from his firm. About a third of the money is expected to go to lawyers. Ultimately, should the deal go through, it will bring nearly every lawsuit against him and TWC to a close.
Prosecutors allege that he performed a forcible sexual act on a woman in 2006, and raped another woman in a Manhattan hotel room in 2013.
He also sought to have insurance companies cover the cost of his criminal defense if he were acquitted.
Harvey Weinstein and his legal team were back at the Manhattan Supreme Court on Wednesday to find out the judge's decision on the matter of the disgraced former Hollywood producer's bail.
Other plaintiffs said they were trying to find value in the tentative agreement. During Friday's hearing, Assistant District Attorney Joan Illuzzi-Orbon told the court that Weinstein's ankle monitor had been untraceable at least 56 different times, and that was cause for a change in his bail conditions.
She said she hopes a settlement would "bring some justice and relief".