The Guardian reports that ITV has reached an "amicable agreement" with the broadcaster, who has been ITV Sport's main presenter since 2005.
The news comes weeks after it emerged that Adrian Chiles has signed a deal to front the channel's football coverage.
Later reports suggested that Rider was thinking of taking legal action. However, ITV has said that it still hopes to work with the presenter and claimed that talks about "future projects and opportunities" are currently under way.
"It was important to get this sorted before such an important few weeks for ITV Sport," Rider said.
Meanwhile, ITV's director of television, channels and online Peter Fincham said: "From World Of Sport through to Formula One and football, I'd like to thank Steve for the immense contribution he has made to ITV's sports coverage through the years."
> Adrian Chiles ITV debut confirmed