Tom Cruise will pay "more than $10 million" in child support to Katie Holmes.

The former couple - who announced they were to divorce after five years of marriage last month - have reached an undisclosed agreement to end their marriage, but insiders insist reports the actress is to receive a $50 million lump sum are "ridiculous."

However, the sources tell TMZ.com that Tom, 50, is paying "a lot of money" in child support for their six-year-old daughter Suri, with payments for the next 12 years amounting to "more than $10 million."

Katie, 33, has sole custody of Suri, but the Rock of Ages actor will have substantial visitation rights.

Speaking about their split, Scientologist Tom and Katie - who registered at a Catholic church in New York this week - released a statement saying, "We are committed to working together as parents to accomplish what is in our daughter Suri's best interests. We want to keep matters affecting our family private and express our respect for each other's commitment to each of our respective beliefs and support each other's roles as parents."