India, Aug. 14 -- After a months-long battle over federal funding, the Trump administration and Harvard University are on the brink of locking in a landmark $500 million settlement, a person familiar with the negotiations said.

While talks are ongoing and key details remain unresolved, both sides have agreed to the unprecedented half-billion-dollar figure, AP reported, citing the person. A formal settlement could be finalized within weeks.

If sealed, the agreement would restore Harvard's access to federal research funding, more than $2.6 billion of which had been frozen amid a widening investigation-and would also close the door on federal inquiries that have dogged the Ivy League institution for months.

Neither Harvard nor the White H...