The former couple divorced in February 2011 after a lengthy legal battle, with Kelsey going on to marry his fourth wife Kayte Walsh just weeks later.
Kelsey and Camille's settlement apparently did not include shared property, but sources told TMZ that an agreement will likely be reached within weeks.
Shared houses are expected to sell for a combined $60 million, with Camille receiving a 50% share under the proposed deal.
The agreement is likely to come amid continued tensions between Camille and the Frasier actor.
Kelsey told Oprah's Next Chapter last month that he refuses to say Camille's name in public, calling her simply "that person".
Camille and Kelsey were married for 14 years and have two children together.