The singer and her ex-husband had reached an agreement, but did not reveal with which parent the teenager would live, a spokesman for the New York State court system said.
Guy Ritchie’s lawyer Peter Bronstein said Rocco would continue to live with his father in London.
The dispute arose in December when Rocco ignored a court order to fly back to live with his mother in New York.
Rocco has since stayed with his father in London and enrolled in a school there.
Madonna’s lawyers have not commented on the settlement.
In December 2015, a judge ruled that Rocco should return to his mother.
However, the judge decided not to issue a warrant to enforce the order, urging Madonna and Guy Ritchie to reach an agreement.
New York State Supreme Court Justice Deborah Kaplan said: “No-one is disrupting his household other than the inability of the parents to reach a resolution.
“If they cannot resolve this matter then eventually the court will.”
In March, Ellen Sigal, Rocco’s court-appointed lawyer, said that the dispute was causing him stress.
“It’s been a very difficult time for him,” she said in court.
“We hope to put an end to this as soon as possible without exposing him to more litigation, press innuendo, any of that kind of thing.”
Madonna and Guy Ritchie married in 2000 and divorced in 2008.
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