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Financial details weren't disclosed.
Oisin Tymon had launched the £100,000 ($140,000) action against former Top Gear host Clarkson and the BBC after what was dubbed a "fracas" last March. Tymon came away from it with a bloody lip. Reports said that Clarkson had gotten upset over catering issues.
"I would like to say sorry, once again, to Oisin Tymon for the incident and its regrettable aftermath," the BBC quoted Clarkson as saying on Wednesday. "I want to reiterate that none of this was, in any way, his fault."
He added: "I would also like to make it clear that the abuse he has suffered since the incident is unwarranted, and I am sorry too that he has had to go through that. I am pleased that this matter is now resolved. Oisin was always a creatively exciting part of Top Gear, and I wish him every success with his future projects."
Clarkson was fired, and he and his former Top Gear colleagues struck a deal for a new motoring show with Amazon, which is set to debut this year.
The BBC, meanwhile, this week touted its upcoming new version of Top Gear with Chris Evans, Matt LeBlanc and several other hosts.
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