Terms of the settlement were not disclosed, the AP report said.
The foul ball struck the young girl, now 4 years old, in the stands down the left field line at Minute Maid Park on May 29, 2019. She was rushed to the hospital and suffered a skull fracture, brain injury and seizures.
According to the AP, Richard Mithoff, the family's attorney, said the girl has been on anti-seizure medication since the incident. Doctors have gradually weaned her off of medication and she has not had a seizure in 22 months.
Almora was shaken by the incident and called for MLB to add extended safety netting at ballparks.
"I hope this never happens again, so whatever the league has to do to make that happen, [do it]" Almora said at Busch Stadium two days later.
"I don't think any kid that goes to a baseball game with their parents or whoever should worry about making it out unhealthy or whatever the case may be."
MLB required all 30 teams to extend their netting further down the foul lines after the 2019 season, with the distances varying based on how each ballpark is structured.
The White Sox extended their netting to each foul pole. The Cubs extended it to the ballpark's elbows, near where the former on-field bullpens were located.