Mariah Carey. Picture: Twitter

American singer Mariah Carey has reached a financial settlement worth millions with her former fiancé James Packer, according to a report.

The chart-topping American star and the Australian billionaire - who were engaged from January to October 2016 - quietly entered into a settlement agreement a few months ago, which meant that Mariah secured a few million dollars and her engagement ring, according to TheBlast.com.

READ: Mariah Carey cancels Christmas tour due to respiratory infection

The blonde beauty was initially seeking a settlement deal worth an eye-watering $50 million, but their eventual agreement was reportedly worth considerably less than that.

Mariah has continued to wear her engagement ring over recent months, but the beautiful-looking item is worth less than the $10 million that has been widely reported, with her overall settlement package said to be valued between $5 and $10 million.

Mariah based part of her settlement claim on the fact that she uprooted her life and moved to Los Angeles to be with the businessman.

She also accused James of doing something awful to her assistant while on a yacht in Greece, which ultimately caused her to cancel part of her money-spinning South American tour.

This comes shortly after Mariah - who has twins Moroccan and Monroe, both six, with her ex-husband Nick Cannon - cancelled three more days of her Christmas tour. 

The 48-year-old singer announced she was pulling the plug on a few of her upcoming performances earlier this month due to an upper respiratory infection.

And Mariah subsequently took to social media to announce she is scrapping even more gigs from her 'All I Want For Christmas Is You World tour' because she has been told by medical experts she needs "a few extra days of rest". 

She recently wrote on her Instagram account: "I hope everyone had a wonderful Thanksgiving with loved ones; it's certainly nice to remember what we are grateful for! Like most, I'm thankful for my overall health... for which I need a bit more time to get right. Doctors have ordered a few extra days of rest before I can finally fly to New York and take the stage for my Christmas Tour (sic)."