The penalty has pushed costs beyond the $19.2 billion USD that VW has already set aside.

Volkswagen has reportedly agreed to pay $4.3 billion to settle criminal and civil charges handed down by the US Department of Justice.

Terms of the settlement require the company to plead guilty to criminal wrongdoing in the diesel emissions scandal, according to details reported by Reuters. Confirming earlier speculation, an outside auditor will also be installed to closely watch the automaker's compliance and reform efforts.

Recent reports suggest the supervisory board was set to meet on Wednesday to approve the agreement. The latest report now suggests the supervisory board and management board could meet as early as today to rubber-stamp the deal, while the guilty plea could be submitted on Wednesday.

The company had set aside $19.2 billion USD to pay for settlements, fines, repairs and other costs associated with the emissions 'defeat' device. The $4.3 billion penalty is said to have exceeded remaining funds.

VW still faces significant payouts as lawsuits and separate government investigations move forward in the US and abroad.