In the video, West appears as a daredevil named "Evel Kanyevel," attempting to jump a canyon on a jet-powered rocket. Knievel filed suit in U.S. District Court in Tampa, Fla., late last year, accusing West of trademark infringement and unauthorized use of Knievel's image.
All sides said they would meet with a mediator to reach a settlement. West and Knievel will share mediation expenses, the St Petersburg (Fla.) Times reported Wednesday.
Richard Fee, an attorney for Knievel, said the "Touch the Sky" video bore striking similarities to Knievel's attempt in 1974 to jump Idaho's Snake River Canyon. Knievel also was concerned about what his attorney described as the video's vulgar, sexual and racially charged content, which he felt tarnished the 68-year-old's image.
West's attorneys argued the video amounted to satire, which was protected by the First Amendment.