The ex couple's lawyers are set to submit the paperwork to the courts in Manhattan, reported the New York Post.
A source said, "The divorce is finalised, it's just formality for the paperwork to be submitted."
This was the 54-year-old comedienne's second marriage.
The settlement, which was initially reached in October, was allegedly in line with the ex-lovers' prenup and they will share joint legal custody of their adopted three-year-old daughter, Dakota.
Since calling time on their relationship in 2014, Rosie, who married Michelle in a private ceremony in 2012, was rumoured to have started dating Tatum O'Neal late last year.
Rosie also has adopted children Parker, who she took in as an infant in 1995, and Chelsea, Blake and Vivienne from her marriage to first wife Kelli Carpenter.
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