The men, all teenagers from Harlem at the time, were falsely convicted of nearly killing 28-year-old Trisha Meili while "wilding" through the park on a warm night in April of that year, The New York Times reported.
If approved by the city comptroller and a judge, each man will be awarded about USD 1 million for each year spent in prison, the Times reported without identifying its source.
The case was a crucible for tensions and fears in New York at a time when race relations were fraught, a crack cocaine epidemic ravaged poor communities, violent crime was rampant and the gulf between rich and poor gaped wide.
Meili went for a night run in northern Central Park, was ambushed on a dark path and dragged into a ravine where she was beaten, sexually assaulted and left for dead.
She gradually recovered but had no memory of the attack, leaving police and prosecutors under intense pressure from media outlets and terrified New Yorkers to find the assailants.
Despite dramatic holes in the case against them and no DNA match from the crime scene, all were convicted.
The teenagers spent between six and 13 years in prison before a serial rapist confessed that he had attacked Meili alone.
Their case was turned into a film, "The Central Park Five" that premiered at Cannes in 2012.
