Pitino reportedly won't receive any money from the school as part of the settlement.
Rick Pitino has reached a settlement with Louisville stemming from his 2017 firing from the program, according to ESPN's Jeff Borzello.
Pitino reportedly won't receive any financial compensation in the settlement.
The two-time national champion sued Louisville in November 2017, seeking more than $35 million for breach of contract. The university then countersued, with each suit dismissed on Wednesday.
"Today, I move on to a new chapter in my life," Pitino said in a statement released by his lawyer. "... I am very proud of the many accomplishments my teams achieved at Louisville. I'm so thankful and honored to coach such dedicated athletes. I'm also disappointed in how it ended. But as head coach, I am held responsible for the actions of all team members."
Pitino was fired by the university's board in October 2017. He was previously placed on administrative leave following an FBI investigation into corruption in college basketball.
The 67-year-old most recently led Panathinaikos to the Greek League championship in June. He posted a 416–143 record in 16 seasons at Louisville from 2001-17.