Scott, the 57-year-old newsreader, had said that Five had reneged on an agreement that she would cover for Natasha Kaplinsky during her maternity leave by appointing Isla Traquair and former BBC London presenter Matt Barbet instead.
Five said in a statement: "The proceedings brought by Selina Scott against Five under new age discrimination laws have been settled. Five has apologised for the offence it caused Ms Scott. The financial terms of the settlement are confidential."
However, the Mail Online reported over the weekend that Scott is reviewing her treatment by the BBC after believing she was offered a job that did not materialise.
The newspaper reported that, after fronting a show to mark BBC Breakfast's 25th anniversary, negotiations had been opened for Scott to return to the programme, on which she had been one of the launch presenters in 1983.
However, negotiations came to an end when the news about Scott's case against Five came to light.
The BBC told Brand Republic: "We were delighted with Selina Scott's performance on the BBC Breakfast 25th Anniversary programme. However, we have not been in discussions with her about a job offer at BBC News. We would not rule out working with her again in the future."
Scott, who joined ITV's News At Ten in 1980, has previously criticised ageism in television news.
In an interview earlier this year, she said: "How many women are there on mainstream current-affairs programmes who are over 50?
"Anna Ford has retired, Moira Stuart has been bumped, yet you look around and see lots of men."
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