Report: Tom Cruise and Katie Holmes Talking Settlement

Tom Cruise and Katie Holmes are currently negotiating a divorce settlement, TMZ reports.

According to the website, the couple's lawyers are negotiating child custody, visitation, child support and property settlement.

Unless negotiations fall through, it appears as though the split will be settled out of court and possibly even in New York. (Many legal experts have speculated that if the case is ratified in New York State, as opposed to California, there is a higher chance of Holmes securing sole custody of 6-year-old daughter Suri.)

Lawyer: Katie Holmes did not file for an emergency hearing

News of negotiations come after Cruise's lawyer, Bert Fields spoke to the BBC about the next possible steps for the Rock of Ages star. "Tactically we can't say where Tom will file a divorce case and if he'll be seeking joint custody of Suri," Fields told BBC. "We are letting 'the other side' [Katie and her team] play the media until they wear everyone out and then we'll have something to say."

Whether Fields' comments still apply in light of the news that settlement negotiations are underway is not known.