Nouri's playing career was ended after he collapsed on the pitch during a pre-season friendly against Werder Bremen in 2017, with the Dutch champions accepting responsibility that the midfielder did not get adequate medical attention on the scene.
Nouri, who made his senior club debut in the 2016/17 season, was revived on the pitch and rushed to hospital, but suffered permanent brain damage as a result of inadequate medical care in the acute phase on the field.
The player's family had previously put a case forward to the Dutch Football Association's arbitration commission, which has now be settled with all parties.
It was announced on Monday that Ajax will pay Nouri's family a net sum of £6.54million in damages and loss of potential future earnings.
The club have also previously paid medical and other care costs for the player since the incident five years ago.
Nouri was 20 at the time when he suffered the tragic incident against Werder Bremen in Austria. He made his debut for Ajax in September 2016, and went on to make 15 first team appearances.
Ajax have now announced the club has retired Nouri's No.34 shirt in a permanent tribute to their former player, with the Dutch side also naming a trophy after him, which is awarded each year to most talented individual in the Ajax academy.
A number of Nouri's former teammates have paid tribute to the starlet in the years since the incident by choosing to play in his No.34 shirt, including Donny van de Beek when he joined Manchester United and Justin Kluivert when he signed for Roma.
"It is good that an agreement has been reached so that we can conclude this,' Ajax CEO Edwin van der Sar said in a statement on Monday.
"We all realise that the suffering for Abdelhak and his loved ones is not over. It remains a very sad situation, that's how we feel here at Ajax too.
"We greatly appreciate the way the family takes care of Abdelhak day and night with a lot of love and attention. When I visit him, I am always welcomed with open arms by the family.
"That also applies to other Ajax colleagues and we appreciate that enormously."