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NEW YORK (CBS/AP) ― Don Imus has reached a settlement with CBS over his multimillion-dollar contract and is talking to WABC radio and others about making a return to the airwaves, according to CBS and a person familiar with the negotiations.

Imus and CBS Radio "have mutually agreed to settle claims that each had against the other regarding the Imus radio program on CBS," the network and Imus attorney Martin Garbus said in a joint statement Tuesday.

The terms of the settlement will not be disclosed, according to the statement.

The settlement pre-empts the dismissed DJ's threatened $120 million breach-of-contract lawsuit.

CBS and Garbus confirmed only that the settlement had been reached. The person familiar with the talks told The Associated Press that Imus is talking to WABC and others about making a possible comeback. That person, who spoke on condition of anonymity because the details had not been announced, also said the deal with CBS calls for a "non-disparaging" agreement that forbids the parties from speaking negatively about each other.

The activity comes four months after Imus created a national uproar over his racist and sexist comments about the Rutgers women's basketball team.

Just before his dismissal, Imus signed a five-year, $40 million contract with CBS. Garbus said in May that Imus planned to sue CBS for $120 million in unpaid salary and damages.

WABC's general manager, Steve Borneman, did not immediately return a call requesting comment.

The Rev. Al Sharpton, who led the movement to get Imus fired, issued a statement saying the development is a "a legal matter between a former employer and employee."

But he added that it is "also a testimony to the movement of people that raised their voices to fire Imus that CBS would rather pay him off than keep him on. This shows the strength of our movement and we congratulate the leadership of CBS for not putting a few dollars above the integrity of the airwaves. To the rumors that Imus may resurface, wherever he resurfaces we at National Action Network and other groups will be watching and monitoring him."

Imus was dismissed April 12 after describing the Rutgers women's basketball team as "nappy-headed hos" on his nationally syndicated radio program.

Garbus had earlier said Imus would sue for the contract's unpaid portion. He cited a contract clause in which CBS acknowledged that Imus' services were "unique, extraordinary, irreverent, intellectual, topical, controversial."

The clause said Imus' programming was "desired by company and ... consistent with company rules and policy," according to Garbus.

WABC's general manager, Steve Borneman, did not return calls requesting comment. WABC is a talk-radio station that features radio personalities and shows such as Sean Hannity and Rush Limbaugh.

WFAN, the New York radio station that was Imus' flagship, also announced Tuesday that former NFL quarterback Boomer Esiason will take over the morning time slot along with Craig Carton, a New Jersey radio personality.

As co-host of the "Jersey Guys," a talk show on New Jersey radio station WKXW-FM, Carton at times offended minorities and women.

In January 2005, then Gov. Richard Codey nearly came to blows with Carton over his and his co-host's disparaging comments about Codey's wife's widely publicized battle with postpartum depression.

That same year the two hosts apologized over disparaging remarks about Asian-Americans.

New Jersey Assemblyman Wilfredo Caraballo said that Carton is "a guy who's managed to insult almost every community around."

"You would have thought that after the Rutgers incident that a lesson would have been learned. But I guess they figured that this guy would get some ratings for them," he said.

(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)