An announcement could come by the end of the month, a source close to the negotiations tells London's Evening Standard.
Another report, in The Times, claimed that notice of a decree nisi would be posted in the Registry of the Family Division in London within twenty-four hours.
Madonna, who attended a charity gala in New York last night looking much younger than her fifty years , will walk away from the eight-year marriage with her fortune, estimated at £300m, intact.
Although Ritchie, himself believed to be worth £30m, was entitled under English divorce law to as much as half of her wealth, sources suggest he has done a 'Piper' - a reference to Billie Piper, the actress who divorced the broadcaster Chris Evans without asking for anything.The stumbling block in the split had been over where Ritchie and Madonna’s children will now live.
Madonna, 50, wished to take the children back to New York while Ritchie, 40, wanted to keep his sons in London, where they have grown up.
The source said a compromise had now been reached which will see the two boys - Rocco, eight, and three-year-old adopted David - dividing their time between Britain and the US.
Madonna’s daughter Lourdes, by another relationship, will continue to live with her.
Richie, who is currently looking after their sons, took them both to the London set of his film Sherlock Holmes.
The source said: 'It will be all over by the end of the month. The priority for him has always been the children.
'Ritchie has not wanted her money. He has done exactly what Billie Piper did when she divorced Chris Evans. She walked away without any of his money, much to her credit. Guy Ritchie has done the same.'
A second source said: 'Ritchie could have taken her to the cleaners. He is a very honourable man to have walked away.'
Sources said the announcement of the settlement would not include financial details.
The couple only officially announced they were splitting last month after several weeks of speculation.
The speed with which they have come to a deal will come as a surprise because it follows reports that the split was acrimonious and therefore likely to drag on.
The two lawyers acting for the couple - Helen Ward and Fiona Shackleton - are said to have worked around the clock to reach a settlement. Lady Ward, who acted for Ritchie, brought on board leading children’s barrister Stephen Cobb QC to negotiate where the children will reside.
Mrs Shackleton used Nicholas Mostyn QC, an expert in the financial intricacies in divorce cases. Mrs Shackleton and Mr Mostyn represented Sir Paul McCartney in his divorce from Heather Mills.
One source said: 'It’s indicative of Ritchie’s priorities that he brought in Stephen Cobb. You wouldn’t go for Cobb if you were after a huge settlement.'
Madonna isn't letting her tense divorce negotiations slow her down, and last night stepped out looking positively radiant at a charity gala in New York.
The 50-year-old's skin seemed remarkably youthful as she glammed up with the help of lashings of red lipstick.
It was almost enough to distract from her wacky green dress, which more resembled shrubbery than a red carpet party frock.
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