President-elect Donald Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE is close to settling two lawsuits brought against him over the now defunct Trump University.

The agreement would require Trump to pay a settlement of around $20 million, according to a source familiar with the negotiations who spoke on the condition of anonymity to discuss ongoing litigation.

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The lawsuits, filed by New York Attorney General Eric Schneiderman and a law firm in California, alleged that the for-profit school had scammed customers into taking expensive classes that were run by people who had little to no connection to Trump himself.

According to The New York Daily News, which first reported that the parties were nearing a settlement, Trump will not have to admit any wrongdoing as part of the agreement.

Schneiderman’s office declined to confirm that they were close to a settlement, but a spokesman said that the attorney general was “open” to such an agreement.

"As Attorney General Schneiderman has long said, he has always been open to a settlement that fairly compensates the many victims of Trump University who have been waiting years for a resolution," said Eric Soufer in a statement.

But Schneiderman has not minced words in the past about what he sees as fraudulent behavior from Trump University.

"Using false promises to prey on desperate people has long been a hallmark of snake-oil salesmen," Schneiderman said in July.

"A lawsuit by my office alleges that Donald Trump was basically doing the same thing with Trump University."

Trump, who during the presidential campaign had vowed not to settle and denied the allegations, will avoid a scheduled court appearance in the coming weeks with the settlement.

—Updated at 11:02 a.m.