Nowhere to go? Channel 7 and Network Ten 'privately rule out' hiring Karl Stefanovic - as the fallen Today star 'reaches settlement' with Nine

has proudly declared he is 'free' after resigning from Channel Nine following last week's furore over his controversial interview with British far-right activist .

But the former Today host, 51, may be freer than he anticipated, with new reports indicating he may not find a home at rival networks.    

Channel 7 and Network Ten have 'privately ruled out the possibility of hiring 'Stefanovic, The Australian reported on Sunday. 

'Stefanovic is unlikely to front a show on Australian commercial television again,' the publication alleged. 

There is some good news, however, with The Australian reporting that the television host has avoided a court battle with his former employer. 

Nine and Stefanovic are believed to have agreed to an undisclosed six-figure settlement as part of his termination package. 

The TV star, who has been a Nine stalwart for some 25 years, had six months and over $1million left to be paid on his 12-month contract.

Stefanovic abruptly resigned from the network last week after his interview with far-right figure . 

He uploaded the controversial chat to his YouTube channel podcast, The Karl Stefanovic Show, on Tuesday, only to delete it hours later after facing widespread backlash.

The television star, who was on two weeks' leave in London, was told the network '' soon after. 

In the wake of his departure, Stefanovic shared a video online declaring, 'I am free'. 

He addressed his Today show fans in the clip, saying the last few days 'hadn't been easy' but he was happy to be 'truly independent' at last.

He sent a message to his Today co-host Sarah Abo, asking her to take care of the Today show team.

'Hey guys, some week, huh? So, I am free. Truly independent. I didn't get the chance to thank my free-to-air audience for 21 great years, so thank you for riding the ups and downs. You have my thanks and have all of my love,' he said.