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Video game producer EA Sports and College Licensing Company will pay around $40 million to settle lawsuits brought by former players whose likenesses were used without compensation, a source familiar with the negotiations told ESPN's Tom Farrey on Friday.

The total number of players to benefit is between 200,000 and 300,000, said Steve Berman, managing partner of the law firm Hagens Berman, who served as co-lead counsel in the class-action lawsuit brought by the players.

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Current players are eligible to take part in the settlement, sources told ESPN. The NCAA would have to make a determination as to whether payments to current players would affect their eligibility.

It has not yet been determined how the money will be divided. Much of the focus of the lawsuits has been on EA Sports' college football game. Since the lawsuit brought by former UCLA basketball player Ed O'Bannon was also settled, though, former players who did not appear in video games will still receive some sort of compensation, a source told ESPN.

Although the video games did not use their names, the former college athletes alleged EA Sports used the same jersey numbers, heights, weights, skin tones, hair colors and home states in its in-game bios, not only without their permission but also without compensation.

Berman said negotiations started in earnest the past few weeks on the heels of an appellate court affirming in July a U.S. District Court decision that EA could not use a First Amendment defense of free speech.

For its part, EA Sports -- which will not admit any wrongdoing as part of the settlement agreement -- said in a statement Thursday that "we follow rules that are set by the NCAA -- but those rules are being challenged by some student-athletes."

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