Garrett, who had stayed away from work in a pay dispute, reached a deal with CBS that boosts his salary and gives him a small stake in the comedy's profits, the Hollywood Reporter said Tuesday.
"We've been told Brad is returning to work tomorrow," CBS spokesman Chris Ender said Tuesday. "We look forward to welcoming him back."
The network had no comment on any deal with Garrett, Ender said. A call to Garrett's representatives at Raw Talent was not immediately returned.
The agency previously had criticized CBS' refusal to discuss a new deal for Garrett, saying his salary was a fraction of that of series star Ray Romano, who's also an executive producer on the show.
Romano, reportedly making about $1.8 million an episode, said last week he looked forward to Garrett's return in the role of his brother.
"We're a family. Everybody is coming back. We need Brad there," Romano told "Entertainment Tonight."
Garrett, 43, wasn't the only co-star absent from the "Raymond" set. Cast members Patricia Heaton, Peter Boyle and Doris Roberts each had missed at least a day of work.
Agreement was reached with them for a small portion of the nearly $1 billion in "back-end" profits for "Raymond," Daily Variety reported Tuesday. For a network series, back-end profits can come from syndication, foreign sales and home video.
CBS and the series' producers each agreed to give up part of their profits so the others could have a share, which is expected to mean millions of dollars for the actors, Variety said.
The casts of other hits shows such as "Friends" and "Will & Grace" already share in their series' profits.