Britney Spears' ex-husband Kevin Federline is "absolutely delighted" the former couple has reached an agreement in its ongoing custody battle.

The pair settled on the care of their two young sons on Thursday, following a bitter 18-month custody battle.

Under the new agreement, which is currently awaiting approval from a judge, Federline retains sole custody of Sean Preston, two, and Jayden James, one.

According to website TMZ.com, Federline will also receive additional child support in the settlement.

Federline's lawyer Mark Vincent Kaplan says, "Nobody could have anticipated the terms of events that have occurred. This was a two-year journey that will be halted at a point that is good for these children.

"Kevin's (goal) was not to get custody. Kevin's goal was to set up some kind of template so the mother of his children can co-parent."

Spears, 26, is currently allowed two visits and one overnight stay each week and she will maintain her visitation rights.