The Toxic singer had been in dispute with the dancer for several months as he wanted the amount of child support she pays for their two sons, Sean Preston, 13, and 12-year-old Jayden, increased from $US20,000 a month and they have reportedly now reached a new deal.
The terms of the agreement are confidential, but a source told The Blast that Britney has agreed to increase her monthly payments to Kevin by "thousands more".
Britney's father, Jamie Spears - who is co-conservator of her estate and has control of her financial affairs - previously offered Kevin an additional $US10,000 a month but he turned it down.
Despite seeing her earnings rise since the original agreement was reached, largely due to her Las Vegas residency, Jamie insisted Britney hadn't changed the way she looked after the children.
He also argued the Womaniser hitmaker's success has nothing to do with the needs of the children and insisted his daughter wasn't responsible for taking care of Kevin and his other children.
Despite his requests for more money, the 39-year-old reality TV star - who also has children Kori, 15, and Kaleb, 13, with ex-fiancee Shar Jackson, and Jordan, six, and Peyton, three, with wife Victoria Prince - and his lawyer didn't specify a figure and couldn't give an example of where the boys' needs weren't being met.
Kevin argued he needed the increase because he is "simply less of a 'name' and less in demand than he was in 2008" when the child support was agreed on.
When the former couple got divorced in 2007, Britney paid her ex-husband $US1.3 million, and as well as continued child support payments, he also received spousal support for several years.