Rolling Stones star Ronnie Wood is set to pay his estranged wife Jo $17.25 million after settling a divorce deal.

The veteran guitarist, 62, split from his wife of 23 years in July last year, after his affair with 20-year-old Russian waitress Ekaterina Ivanova was exposed.

Now the couple is set to finalize its divorce after Jo, 53, agreed to an out-of-court settlement that will effectively give her about half of the star's fortune, reports Britain's News of the World.

The former model, Wood's second wife, will take the family's mansion in Kingston Vale, England and will also receive a monthly allowance.

A source tells the newspaper, "The divorce is mostly done. Jo has half his £23 million wealth and their Kingston mansion."

The pair has two children together, daughter Leah and son Tyrone, as well as Jo's son Jamie from a previous relationship. Wood is also father to Jesse, his son with his first wife, Krissy.

According to the report, legal proceedings will be completed after Jo finishes her stint on upcoming U.K. TV talent contest Strictly Come Dancing.

(This news article provided by World Entertainment News Network)