Johnny Depp and Amber Heard have reached a divorce settlement.

One of the most notorious divorce cases in the last decade has now been settled.

Johnny Depp and Amber Heard have ended their divorce battle, reaching a settlement for Heard to receive US$7 million (A$10 million) and drop her case.

The former couple settled their case on Tuesday while Heard, 30, withdrew her request for a domestic violence restraining order against the 53-year-old actor.

Depp is estimated by Forbes magazine to be worth $48 million.

The couple during happier times. Image via Getty.

In a joint statement Heard and Depp said, "Our relationship was intensely passionate and at times volatile, but always bound by love. Neither party has made false accusations for financial gains. There was never an intent of physical or emotional harm."

"Amber wishes the best for Johnny in the future," the statement continues. "Amber will be donating financial proceeds from the divorce to a charity."

There is no mention of how much or which charity.

"Our relationship was intensely passionate and at times volatile, but always bound by love." Image via Getty.

Heard's lawyers, Samantha F. Spector and Joseph P. Koenig said they were "pleased" with the outcome of the case in a statement on Tuesday.

"We are very pleased that this matter has been settled and Amber has been vindicated in the Court of Public Opinion," the statement read.

"The case was incredibly challenging and demanding on everyone involved, but mostly on Amber who showed great grace and strength under fire. It was an honor to represent her."

Amber submitted photos in court, showing bruises around her eyes.

In recent court papers filed by Heard, she states that the Pirates Of The Caribbean star “cut off the tip of his finger” during a “fit of rage” while “drunk and high on ecstasy” and dipped it in blue paint to write allegations of infidelity on the wall.

Photos shows the words “Billy Bob” written on the wall, who Heard claims is her former co-star Billy Bob Thornton. Depp reportedly accused his wife of having an affair with the 61-year-old actor, who was previously married to Angelina Jolie.

Graphic photos submitted in court also show Depp’s severed finger, with Heard’s lawyers claiming Depp didn’t seek medical attention for 24 hours.

The incident occurred in March last year, while Depp and his wife were in Australia filming the latest installment of the Pirates franchise - Depp at the time took two weeks off for an "accident" that occurred "on set."

The allegations come just days after a video showing Depp slamming kitchen cabinets and drinking red wine emerged online.

Soon after filing for divorce from Johnny in May, Heard was granted a restraining order, which has since been extended for two more months.

Heard submitted images of injuries she allegedly suffered, appearing to show bruising around her eye after she says Depp "hurled an iPhone" at her face.

Johnny Depp and Amber Heard apologise to an Australian court. Post continues after video... 

Io Tillett Wright, a friend of Heard’s, wrote in an essay for Refinery 29: “The reports of violence started with a kick on a private plane, then it was shoves and the occasional punch, until finally, in December, she described an all-out assault and she woke up with her pillow covered in blood. I know this because I went to their house. I saw the pillow with my own eyes. I saw the busted lip and the clumps of hair on the floor.”

Depp never commented publicly but his lawyers denied the allegations and before the settlement had accused Heard of trying “secure a premature financial resolution by alleging abuse”.

On Tuesday, Billy Bob Thornton, who Depp had suspected of having an affair with Heard told TMZ Depp’s suspicions were “completely false.”

Thornton, who was filming an adaption of the Martin Amis novel London Fields in 2013 with Heard told TMZ he never socialised with Heard off set, other than at a cast dinner.

He said their relationship was professional, rather than friendship.

Thornton said he has discussed the rumour with his wife and assured her it was a product of Depp’s imagination.