The payout represents two years’ loss of earnings as the dad-of-four continues to recover from his injuries which his legal team described as ‘life-alteringly significant.’
The publication reports Flintoff decided against suing and a larger settlement while negotiating the deal, which was made with the motoring show’s makers BBC Studios (BBCS).
As BBCS is the Line of Duty broadcaster’s commercial arm, the compensation will not be funded by taxpayer’s licence fees.
A spokesperson from BBCS told Metro.co.uk: ‘BBC Studios has reached an agreement with Freddie that we believe supports his continued rehabilitation, return to work and future plans.
‘We have sincerely apologised to Freddie and will continue to support him with his recovery.’
The settlement comes days after Flintoff spoke publicly for the first time since the accident in a clip released by England Cricket on social media.
Referencing the incident, Flintoff said: ‘They’ll [England Cricket team} share the good times with you, the successes. But as I found over the past few months, they’ll be there in the hardest times of your life, they will stand next to you.’
In March, the BBC halted the filming of the latest season of Top Gear, stating that it would be inappropriate to resume filming at that time following an internal investigation into what happened.
It is understood that the decisions on more episodes of the long-running show will be made ‘in due course in conjunction with BBC Content.’
While Flintoff has not commented on his future on Top Gear, it has been reported he is ‘quitting’ the show after the accident, which saw him airlifted to hospital from the test track at Dunsfold Aerodrome in Surrey on December 13.
Recent reports, however, have claimed Flintoff is planning his TV return and is ‘already in talks’ about potential projects in 2024.
The Sun said Flintoff will be making a second series of his BBC documentary Field of Dreams, as well as possibly reviving renovations programme Chasing Cars.
Flintoff began presenting Top Gear in 2019, and also appeared on Sky’s A League Of Their Own and won the first series of the Australian version of I’m A Celebrity… Get Me Out of Here!.
Metro.co.uk has contacted the BBC and Flintoff’s reps for comment.
Top Gear is available to watch on BBC iPlayer.
Got a story?
If you’ve got a celebrity story, video or pictures get in touch with the Metro.co.uk entertainment team by emailing us firstname.lastname@example.org, calling 020 3615 2145 or by visiting our Submit Stuff page – we’d love to hear from you.