Attorney Mark Geragos broke the news on Friday via Twitter:
Yahoo Sports' Charles Robinson added that sources previously told him Kaepernick would not withdraw his grievance unless a "lucrative settlement" was agreed upon. It's not clear what type of financial settlement may have been reached because, as Geragos noted, the matter is subject to a confidentiality agreement.
The NFL Players Association expressed its support for the players' decision:
Per Robinson, the final hearing in the case was scheduled to be held in front of an arbitrator later this month.
Kaepernick filed the collusion grievance against the NFL back in October 2017, accusing teams around the league of uniting to deny the quarterback's "employment rights in retaliation for Mr. Kaepernick's leadership and advocacy for equality and social justice and his bringing awareness to peculiar institutions still undermining racial equality in the United States."
The former San Francisco star was the first player to participate in a protest against racial injustice and police violence back in 2016. He initially opted to protest by sitting during the national anthem but ultimately settled on taking a knee after consulting with an Army veteran.
Kaepernick has not been signed by an NFL team since opting out of the final year of his contract with the 49ers following the 2016 season.
Reid, meanwhile, filed a collusion grievance months later in May 2018. He also called out NFL owners on social media in March 2018:
Reid had a grievance against the Cincinnati Bengals denied last October after an arbitrator ruled owner Mike Brown and Co. were within their right to ask the free agent if he intended to continue his protest. Cincinnati did not sign the defensive back after meeting with him.
That contract had Reid feeling optimistic about his chances in his collusion case.
"If anything, it proves my point from last year," Reid said, per ESPN's David Newton. "I didn't sign until a [few weeks into] the regular season. This year I signed a more substantial contract over the same time period. I'm the same player."
Ultimately, he was able to reach a resolution with the league before having to go in front of an arbitrator.