The 56m-high weathering steel structure had 11 of its 180 spikes either fall off or removed for testing between 2005 and 2006 after suffering weld failures.
Manchester City Council issued legal proceedings against the designer, Thomas Heatherwick Studio, and its subcontractors Packman Lucas, Flint & Neill and Westbury Structures in October 2007 following the failures on the £2M sculpture.
In December last year, Packman Lucas, the lead structural consultant, lodged a counter claim against specialist wind adviser Flint & Neill Partnership as it believed that wind action on the structure had caused the failures (NCE 10 January).
However, NCE has learnt that all the parties involved are close to agreement over a financial package that will allow Manchester City Council to commission a programme of repairs for the structure.
A spokesman said the council was unable to comment on whether a settlement had been reached, but confirmed that a court date was still set for the end of this year.
Standing next to the City of Manchester Stadium, the longest of the B of the Bang's 180 spikes is 35m, the shortest 2.5m. Each spike is bolted and then welded to the central core mounted on five converging legs.
The first spike fell off in January 2005, just two weeks after the structure had been completed. A second fell off in May 2005.