Former New Jersey Gov. and Goldman Sachs Group Inc. Chief Executive Jon Corzine is nearing a deal to pay $5 million to end a U.S. regulator’s lawsuit stemming from the 2011 collapse of commodities brokerage MF Global Holdings Ltd., according to people familiar with the matter.

Mr. Corzine reached the tentative settlement with the Commodity Futures Trading Commission in June, submitting to a ban from trading client money in commodities and others assets regulated by the commission, the people said. A final deal has been on...