Cathy Konrad filed a $3 million (£1.9 million) lawsuit last May (10), claiming she developed the horror franchise and was entitled to produce its sequels.
Konrad claimed she wanted to be involved in the fourth installment but only learned of plans for the film by reading media reports about the Weinsteins' 2011 reboot.
She accused the Weinsteins of ousting her to lower costs and to hire director Wes Craven's wife instead.
According to the Hollywood Reporter, the Weinstein Co. has reached a settlement with Konrad, although the terms of the agreement have not been disclosed.
Sources tell the publication she will receive a cash payment and a small portion of profits from Scream 4.