Manchester United, Manchester City and Liverpool have been fined around £3.7m each for being part of botched plans to form a European Super League.
A financial settlement worth a combined £22m has been reached with the so-called 'big six' and the Premier League.
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham announced themselves as founder members of the competition on April 18, but had withdrawn within 72 hours amid fan protests and opposition from the Premier League, UEFA, FIFA and even the British Government.
The clubs indicated their intention to remain in the Premier League, but their involvement in the Super League would have had a hugely negative competitive and commercial effect on the English top flight.
Sky News reported the settlement on Wednesday afternoon and sources within one of the clubs have subsequently told PA that agreement has been reached, with clubs facing a £25m fine and 30-point deduction if there are further attempts to break away.
It is understood the money will go to grassroots and community projects, rather than to the other Premier League clubs.
The Premier League conducted an investigation into the circumstances surrounding the Super League's foundation, and its chief executive Richard Masters said last month that the probe would be conducted "efficiently, justly and appropriately".
It is reviewing its regulations and drafting a new Owners' Charter to prevent a repeat.
Most Read
A joint Premier League and FA statement said: "The six clubs involved in proposals to form a European Super League have today acknowledged once again that their actions were a mistake, and have reconfirmed their commitment to the Premier League and the future of the English game.
"They have wholeheartedly apologised to their fans, fellow clubs, the Premier League and The FA.
"As a gesture of goodwill, the clubs have collectively agreed to make a contribution of £22million, which will go towards the good of the game, including new investment in support for fans, grassroots football and community programmes.
"Furthermore, the clubs have agreed to support rule changes so that any similar actions in the future would lead to a 30-point deduction.
"Each of the six clubs, in that event, would also be subject to an additional £25m fine.
"The Premier League and The FA have worked closely together throughout this process and this agreement brings both investigations into the matter to a conclusion."
A Football Association inquiry into the issue is ongoing, while it is understood to be working with Government on strengthening sports organisations' powers in relation to the 海角视频's competition laws, after senior sources at the FA admitted it was "50-50" whether any legal attempt to block the breakaway would have succeeded as things stand.
Don’t miss
The Premier League peace deal follows a similar one struck between nine of the original 12 Super League clubs and European football's governing body UEFA.
It announced a 'Club Commitment Declaration' on May 7, effectively tying the clubs to existing domestic and international competitions on pain of tough financial sanctions if a future breakaway was ever attempted.
The clubs agreed to pay a combined €15m (around £13m) goodwill contribution to benefit children's football and the grassroots game, and the withholding of five per cent of any UEFA competition revenue due to them for one season, to be redistributed among other clubs.
The Glazer family and Fenway Sports Group agreed to cover these costs related to Manchester United and Liverpool respectively.
Don't miss a thing - sign up for your free North West newsletter - and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more - and the news as it breaks - .
It is understood FSG will cover Liverpool's share of the Premier League settlement too, which amounts to £3.7m, and that the Glazers will follow through on a pledge made by Joel Glazer at last week's fans' forum to cover United's share.
The nine clubs face fines of €100m (£87m) each from UEFA in the event of any future breakaway attempt, the European governing body said last month.
The three clubs who have still not renounced the Super League - Real Madrid, Barcelona and Juventus - have had disciplinary proceedings opened against them by UEFA, with reports suggesting a Champions League ban is possible.
Those clubs have though mounted legal moves in their defence, claiming UEFA was in violation of European Union competition law in attempting to block the league and in threatening to sanction them.
Malcolm Clarke, the chair of the Football Supporters' Association, said: "Whatever punishment the Premier League's in-house process decides upon, it cannot guarantee that clubs won't try similar again in the decades ahead.
"The European Super League's legacy should be a total restructure of the game - an independent regulator, genuine power to fans, and wealth redistribution."