Nouri suffered a cardiac arrest during a pre-season friendly against Werder Bremen in July 2017 that resulted in serious permanent damage to the brain.
Ajax has paid for his treatment and care ever since, and will continue to do so, after accepting responsibility that the medical attention provided to Nouri was "inadequate".
The reigning Eredivisie champion announced that it has reached an amicable agreement, instead of going to the KNVB Arbitration Committee, after Nouri's family sued the club.
Ajax general manager, Edwin van der Sar, said on the settlement: "It is good that an agreement has been reached, so that we can conclude this.
"We all realise that the suffering for Abdelhak and his loved ones is not over. It remains a very sad situation, that's how we feel here at Ajax too.
"We greatly appreciate the way the family takes care of Abdelhak day and night with a lot of love and attention. When I visit him, I am always welcomed with open arms by the family.
"That also applies to other Ajax colleagues and we appreciate that enormously. The bond between Ajax and the Nouri family will always remain.
"Not only because of the Abdelhak Nouri Trophy, which the family hands out annually to the greatest talent of our education.
"Also because we have decided to give the number 34 to the Nouri family. At Ajax, the number 34 will never be played again, unless the Nouri family and Ajax want to make an exception together.
"The dressing room furniture of Abdelhak will also be placed in the Ajax fan shoo, next to the main entrance of the ArenA [Ajax's stadium].
"We have carefully preserved that in the stadium in recent years and we are now going to give a beautiful place that is accessible to everyone."