The publication reported no immediate details of the proposed settlement were revealed to the media, and the court has not yet set a date for the trial however it was stated that if found guilty of tax evasion, the Colombian singer could face a possible fine and prison sentence.
Shakira's rejection of the deal comes four years after she first came under investigation with Spanish prosecutors claiming she failed to pay €14.5 million in taxes on income she earned between 2012 and 2014.
The star - who declared Spain her official country of residence in 2015, hit back at the charges insisting they were "baseless" as she was located in the Bahamas during those years, but prosecutors argued she was, in fact living in Spain and only going overseas for professional reasons.
Under Spanish law, people who spend more than six months a year in the country are required to pay their taxes in Spain.
The authorities calculated the unpaid tax bill from all of her global income rather than what she just earned in Spain.
Shakira's public relations firm later said she had deposited the amount she is said to owe with the Spanish Tax Agency and has no pending tax debts after she was given the bill.
Shakira, whose full name is Shakira Isabel Mebarak Ripoll, has two children with Barcelona soccer star Gerard Pique. The couple used to live together in Barcelona but recently ended their 11-year relationship.