Jon Jones has reportedly reached a settlement with the Nevada State Athletic Commission that will allow him to steer clear of a hearing next week in Las Vegas.

Multiple sources say that the settlement will see the 29-year-old suspended for one year for failing a drug test on June 16. The suspension is retroactive to July 6, the day the results were revealed.

The sources add that he will not be fined.

The former UFC light heavyweight champion was pulled from the long-awaited rematch against Daniel Cormier at UFC 200 three days before the bout after testing positive for two banned substances - Hydroxy-clomiphene and Letrozole metabolite. The first substance is an anti-estrogenic agent while the latter is an aromatase inhibitor.

Jones told the United States Anti-Doping Agency at a hearing that he took a pill for sexual performance. The USADA handed down the suspension but Jones also faced punishment from the NAC.

The Rochester native appealed the original suspension, the first UFC fighter to do so, however it was upheld by an independent arbitration panel. The panel ruled that Jones did not partake in the proper due diligence to make sure the pills were clean.

Jones is expected to appear alongside his legal team in some capacity at a NAC hearing on Dec. 15 to be formally dealt the suspension.

The suspension expires on July 6, 2017.