Former Australian cricket captain Michael Clarke and wife Kyly are getting divorced after more than seven years of marriage.

The couple have agreed on a financial settlement and on arrangements to co- parent their four-year-old daughter Kelsey Lee, The Australian reports.

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“After living apart for some time, we have made the difficult decision to separate as a couple, amicably,” they told the newspaper in a joint statement.

“With the greatest of respect for each other, we’ve come to the mutual conclusion that this is the best course for us to take while committed to the co-parenting of our daughter.”

Michael Clarke’s Vaucluse mansion Source: News Corp Australia

The couple, both 38, married in 2012. Their daughter was born in 2015, months after the cricketer announced his retirement.

The Australian’s Media Diary revealed the pair have negotiated a financial settlement without going through the courts and set in place co-­parenting arrangements

It is understood 38-year-old Kyly Clarke will continue to occupy the Vaucluse property with their four-year-old daughter Kelsey Lee.

Michael Clarke’s Bondi apartment has sold for around $7 million. Source: Supplied

The Daily Telegraph, meanwhile, reports the couple’s Bondi Beach apartment has sold for around $7 million. It is understood they had hoped for a figure in excess of $8 million when the property was put on the market last Spring.

Other details of the settlement include:

— Their $12 million, five bedroom Vaucluse home;

— The Bondi Beach apartment with water views;

— A Bondi Beach apartment Michael co-owns with his sister, Leanne;

— Investments and savings worth $18 million.