The NFL and Rams owner Stan Kroenke has agreed to pay $790m to settle a 2017 lawsuit over the team's relocation from St Louis to Los Angeles.
"This historic agreement closes a long chapter for our region, securing hundreds of millions of dollars for our communities while avoiding the uncertainty of the trial and appellate process,'' read a joint statement from St Louis Mayor Tishaura Jones and St Louis County Executive Sam Page.
According to multiple reports, the agreement does not include a promise from the NFL for a future expansion team in St Louis.
It is not clear how much of the settlement will be paid by Kroenke, who relocated the team in 2016, and how much by the league's 31 other teams. Kroenke also owns Premier League club Arsenal.
St Louis officials said they have not yet determined how the settlement funds will be used.
Attorneys for Kroenke and the NFL were in St Louis for a mediation session on Tuesday with lawyers representing St Louis, St Louis County and the Regional Convention and Sports Complex Authority.
The lawsuit was seeking more than $1 billion and argued that the NFL broke its own relocation guidelines and that the Rams misled the public on their plans to leave the city, costing St Louis millions in revenue.
A trial date had been set for 10 January.