The pair are now obliged to stand by the restrictive covenants in their contracts, including a six-month non-compete period imposed by Cordiant, which put the pair on gardening leave in January.
But it is understood that the two will go into business together later this year and could even launch their own consultancy.
Miles said: 'At the moment we cannot actively look into doing anything, but we're not ruling anything in or out. It would be very unlikely that we would not be doing something together at some stage.'
Miles refused to disclose details of the financial settlement, but it is understood the two are continuing to be paid until 23 September and that other financial entitlements in their contracts still apply.
The settlement also specifies that neither Cordiant nor its two ex-employees will receive damages from the other party.
Former BCI chief executive Miles and MD Morrison had filed claims under the Public Interest Disclosure Act after Cordiant launched legal action against them.
It is believed Miles and Morrison were planning a £5m action for breach of contract aimed at recovering loss of salary, bonuses and share options.
The case was due to be heard next month.
Cordiant last week unveiled plans to restructure BCI and its global financial and corporate PR interests (PRWeek, 22 March).