Solicitors confirmed the action was settled as a draw last Friday after a jury failed to reach a verdict in the case.
Kewell had sought substantial damages for Lineker's "hurtful and humiliating attack" in a July 2003 Sunday Telegraph column.
The player's solicitor, Chris Farnell, of Hill Dickinson, said: "Parties have come to an agreement and they won't be seeking a new trial. We don't intend to comment on the terms of the settlement."
Mr Farnell declined to confirm if any liability had been admitted by Lineker.