Michael Jackson [ tickets ] reportedly has reached a settlement in the $7 million breach of contract suit filed against him by the Prince of Bahrain.

Jackson, who had been expected to appear in a London courthouse today (11/24), was advised by his legal team to postpone his trip since the parties had concluded a "settlement in principle," according to a Reuters report.

The 50-year-old pop star has been accused by Sheikh Abdullah Bin Hamad Al Khalifa of backing out on a deal to record an album, write an autobiography and produce a stage play. The Sheikh, who is the second son of the king of Bahrain, alleges he paid for Jackson's legal costs, travel and other expenses in 2005 and 2006.

Jackson, who claims the money was given as a gift, reportedly spent an extended amount of time with his children in Bahrain following his 2005 acquittal of child molestation charges.

Last week during the breach of contract trial, lawyers for Sheikh Abdulla said the prince gave Jackson and his representatives $1 million before the two met face-to-face, and provided $35,000 to pay for utility bills at the singer's Neverland Ranch in California. The prince also alleges he paid Jackson $2.2 million in legal fees, more than $300,000 for the services of a motivational "guru," and spent $450,000 on Jackson's brother Jermaine.

Representatives for Jackson, who reportedly collaborated on songs long-distance with the prince during the 2005 trial, have tried to portray Abdulla as a generous but naive, star-struck pop-music amateur who hoped to record an album with the troubled superstar.