Update! Debbie Rowe Will Not Seek Custody Of Children, Mrs. Katherine Jackson Receives Full Custody!

Wonderful to know Michael's wishes for his children are going to be honored! Details below, according to CNN:

Michael Jackson's ex-wife and the mother of his two oldest children, Debbie Rowe, has agreed not to challenge the singer's mother for custody of the children, a source with knowledge of the agreement told CNN.

Katherine Jackson will get full custody, Debbie Rowe will have visitation, and there will be no money exchanged," the source, who asked not to be identified, said.

A spokeswoman for Jackson family lawyer Londell McMillan told CNN Thursday morning that she understood an "announcement is going out today."

"This is not a money deal," McMillan said. "This is not about money."

A spokesman for Rowe's lawyer said both sides would issue a joint statement soon regarding the agreement. Learn about other notable custody cases »

Rowe never publicly said if she would fight Jackson's 79-year-old mother for custody of her son and daughter -- ages 11 and 12 -- and a court hearing concerning custody was delayed several times this month while lawyers for each side talked. The youngest child, 7, was carried by a surrogate mother, whose name has not yet been released.

Katherine Jackson gained temporary guardianship of her son's three children soon after his death last month.

A custody hearing is set for Monday before a Los Angeles County Superior Court Judge Mitchell Beckloff.