The legal saga between CBS and Redstone family-controlled National Amusements may soon be over.

Entertainment news site Deadline first reported Wednesday, citing sources, that the two parties are engaged in settlement talks, which are limited to their legal disputes. Sources told Deadline that CBS CEO Les Moonves, who is being investigated amid sexual assault allegations, is not part of these discussions.

The Wall Street Journal reported that a potential deal would include CBS forfeiting its efforts to slash National Amusement's voting power by issuing a special dividend. In exchange, National Amusements would back off its attempts for a reunification of CBS and Viacom, the Journal reported, citing people familiar with the matter.

The sources told the Journal that a deal could postpone CBS' annual meeting and a shuffling of the company's board of directors.

CBS and National Amusements declined to comment to CNBC.