The world's media had descended on the Irish High Court on the quays of Dublin's River Liffey in anticipation of seeing the four-times major winner take the stand in a case that he took time away from the golf course to prepare for last year.
McIlroy arrived at court on Tuesday to a scrum of some 30 photographers but was not present on Wednesday when his lawyer, Paul Gallagher, returned following a number of deferrals a day earlier to say the matter had been resolved.
McIlroy was suing his former team over the "unconscionable" contract he signed with them, while Horizon Sports Management counter-sued on the grounds that he owed them millions of dollars in commission on contracts up to 2017.
British media reported that McIlroy settled the dispute for "well over $20 million (13 million pounds)" plus costs.
"The legal dispute between Rory McIlroy and Horizon Sports Management has been settled to the satisfaction of both parties who wish each other well for the future," McIlroy and Horizon said in a joint statement after informing the court.
"The parties will be making no further comment."
Judge Brian Cregan congratulated the parties for settling what he said would be a long case if it went ahead and wished Horizon success in their sports agency and McIlroy every success in his career.
The 25-year-old Northern Irishman terminated his contract with Dublin-based Horizon in September 2013 to form his own company.
After signing a number of lucrative sponsorship agreements, including a deal with Nike in early 2013 worth a guaranteed $100 million over five years, McIlroy decided that his relationship with Horizon was no longer in his best interests.
(Writing by Padraic Halpin,; editing by Martyn Herman and Pritha Sarkar)
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