A royal correspondent told Daily Mail that Charles, 71, is expected to provide Harry, 35, and Meghan, 38, with around $3 million.
Per an announcement from Buckingham Palace, Harry and Meghan also will give up their Sovereign Grant money, which offered them about $130,000 each year.
The Palace's statement also said that the royal couple will repay taxpayers for their $3 million worth of renovations on their home, Frogmore Cottage, as well as renounce their "royal highness" titles.
"The Sussexes will not use their HRH titles as they are no longer working members of the Royal Family," said the statement. "The Duke and Duchess of Sussex have shared their wish to repay Sovereign Grant expenditure for the refurbishment of Frogmore Cottage, which will remain their UK family home."
Queen Elizabeth II also released a statement on Saturday, reaffirming her support for her grandson.
"Following many months of conversations and more recent discussions, I am pleased that together we have found a constructive and supportive way forward for my grandson and his family. Harry, Meghan and Archie will always be much-loved members of my family," she said. I recognize the challenges they have experienced as a result of intense scrutiny over the last two years and support their wish for a more independent life."
The 93-year-old monarch added: "I want to thank them for all their dedicated work across this country, the Commonwealth and beyond, and am particularly proud of how Meghan has so quickly become one of the family. It is my whole family’s hope that today’s agreement allows them to start building a happy and peaceful new life."