Los Angeles : Lance Armstrong has agreed to pay $5 million in order to settle the looming federal fraud case stemming from his drug-fuelled reign as king of the Tour de France, it was confirmed.

The former cycling superstar was due to face a trial next month over claims he defrauded the US government when he doped while racing for his United States Postal Service-sponsored team.

The Postal Service and former team-mate Floyd Landis had sought around $100 million in damages from Armstrong in the case, which was due to get under way on May 7.

However the prospect of a ruinous judgement going against the cancer survivor was averted after Armstrong’s lawyers and the US Justice Department brokered a settlement.

“No one is above the law,” US Justice Department lawyer Chad Readler said in a statement.

“This settlement demonstrates that those who cheat the government will be held accountable.”

Armstrong’s attorney Elliot Peters said in a statement the settlement “ends all litigation against Armstrong related to his 2013 admission that during his career as a professional cyclist he had used performance enhancing substances.”

The Washington Post reported Armstrong will also pay $1.65 million to cover the legal costs of former team-mate and whistleblower Landis.

“I am glad to resolve this case and move forward with my life,” Armstrong, 46, said in a statement.

                 “I’m looking forward to devoting myself to the many great things in my life – my five kids, my wife, my podcast, several exciting writing and film proj

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