Yes. Prepare a settlement agreement telling the court of the reason for the disagreement and what the settlement is. Have the court approve the agreement and the terms will need to be made part of the final order.
You can settle pretty much anything out of court process; in fact, it is generally preferable to do so. However, you should make sure that procedurally you get it all done correctly with the court.
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Whether a Will must be probated is a separate question from how to complete an estate settlement agreement. All the parties and their counsel should meet with the Personal Representative and their counsel to work on the resolution to this question.
This AVVO answer does not and is not intended to constitute legal advice. This answer may also not be used in any manner to either attempt to or actually evade any federal taxes or penalties.