The Manchester United winger launched legal action against the News of the World publisher for allegedly hacking his phone.
Speaking to Mr Justice Vos at London's High Court today (May 18), Hugh Tomlinson QC said that the case had been settled, the Evening Standard reports.
The terms of the settlement are confidential.
In February, Giggs dropped his anonymity injunction against The Sun.
The injunction had sought to prevent publication of claims of his alleged extra-marital affair with Welsh model Imogen Thomas.
At the same time, the footballer had sued the newspaper for damages, claiming that it had published information which had "generated a large media storm", but the claim was thrown out of the High Court in March.
Giggs was this week named the 'Best Player' in the first 20 years of the English Premier League.