Developer Larry Silverstein had initially sought £9.3 billion from the airlines and airport security companies, accusing American and United of negligence in failing to prevent the attack by the hijacked aircraft.

The airlines’ insurers are understood to be covering the cost of the payout, which still has to be approved by the district, Sky News said.

Silverstein had signed a 99-year lease for the site, which is jointly owned by New York and New Jersey, just six weeks prior to the attack. He had already received a £3.4 billion payout from his own insurers, six years after the attack.

The final payment on the 13-year case was originally expected to have totalled $97 million but it was subsequently reduced after two of American and United’s insurers became insolvent during the case.

More than 2,750 people were killed when American Airlines Flight 11 and United Airlines Flight 175 crashed into the North and South World Trade Center towers.

American Airlines itself lost 23 employees and family members. In a statement it said it would "never forget that terrible day and its lasting impact".

United Airlines declined to comment.