The "substantial" settlement will be accompanied by police reforms, including a requirement that commanders approve search warrants before they are put to a judge, the Courier Journalreported, citing a person with knowledge of the matter.
None of the officers involved in her shooting have been arrested or charged, sparking an uproar among protesters.
Ms Taylor's killing was propelled into the spotlight once again with the death George Floyd, an African American man who died after a police officer knelt on his neck for minutes during an arrest in Minneapolis, Minnesota, in May.
Police claim that they knocked and announced themselves before entering Taylor's apartment, but Taylor's boyfriend, Kenneth Walker, has claimed that he and Taylor had no idea who was at their door on the night of the raid and that they believed they were being victimized by attempted robbers.
When police battered in the door, Walker fired what he later called a warning shot.
A CNN review of the shooting found that police believed Taylor was home alone when she was in fact accompanied by her boyfriend, who was legally armed.
Mattingly and two other officers - detectives Brett Hankison and Myles Cosgrove - returned fire.
None of the three officers involved in the flawed raid has been charged with a crime.
'This incident was related to the execution of a search warrant by members of our Criminal Interdiction Division and some of the officers assigned to this division do not wear body-worn video systems, ' Conrad, who has since been fired, said.
City officials vehemently denied the accusations that gentrification played any role in the narcotics investigation. Taylor family attorney Sam Aguilar also confirmed to CNN there is a settlement in the case.
Taylor's family alleged in the suit the warrant served at Taylor's apartment was targeted at Jamarcus Glover, a convicted drug dealer had been located by police at a drug house 10 miles away before the warrant was served on Taylor's residence.
Taylor's death has already prompted a ban on "no-knock warrants" in Louisville. Sen.
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