Imus, CBS said to be near settlement

The legal struggle between Don Imus and CBS Radio is nearing a settlement that would preempt the dismissed DJ’s threatened $120-million breach-of-contract lawsuit, a person familiar with the case said.

It was unclear whether a deal would return Imus to the airwaves, where he worked for 40 years before his firing in April after directing a racial insult at the Rutgers University women’s basketball team.

Imus’ attorney and CBS Radio declined to comment.