Bernie Ecclestone's defence lawyer has said it is "do-able" for the Formula 1 tycoon to pay out £60m within a week.
A district court in Munich said Mr Ecclestone, 83, had offered to pay the cash to end a trial for bribery.
The state prosecutor told the court that Mr Ecclestone's age and other circumstances meant they would support the offered settlement.
The billionaire could face up to 10 years in jail and have to give up control of his business if he is found guilty.
A spokeswoman for the Munich court pointed out that under German law settling the case with a payout did not amount to an admission of guilt.
"With this type of ending a procedure there is no ruling on guilt or innocence of the defendant," she said.
"He is neither acquitted nor judged, rather this is a special type of ending a procedure which is in theory available to all types of cases."
More top news
One of Britain's leading tour operators, Thomas Cook, has joined a growing push for changes to the way tourists receive security warnings.
Thunderstorms affect mostly southeast England on Thursday with a mixture of sunny spells and showers into the afternoon.
The government has been forced to release a full report into the impact of fracking, after initially handing over a heavily-redacted version