Supermodel Evangelista has been embroiled in a battle with Pinault over their son five-year-old Augie, asking USD 46,000 per month for child's care.
Evangelista was due to take the stand in court on Monday but a deal was struck up before the appearance, reported New York Post.
Although the terms are undisclosed the matter seemed to have been solved and both side are said to be happy with the result.
"Everybody's glad for the sake and the benefit of the child that it's done," said Pinault's fater, David Aronson.
The former couple had the child when Pinault was on a break with his current wife Hayek.
Hayek and Pinault have a four-year-old daughter Valentina together.
The businessman also has two other children from a previous marriage, which ended in divorce in 2004.
