BRUSSELS—The European Union and China are near a settlement in their dispute over solar panel imports, but Europeans manufacturers challenged the figures involved as still harmful to their business.

Handelsblatt, a German daily business newspaper, said negotiators were ready to set a minimum price on imported Chinese solar panels at 57 cents per watt of power they produced.

This price would apply to the first seven gigawatts of solar panels imported.

Any panels imported above the seven-gigawatt quota would then incur an anti-dumping tariff of 47.6%, Handelsblatt reported without specifying its sources.

EU officials declined to comment directly on the report and the figures given.

"Discussions are ongoing at the highest level as both sides seek an amicable solution," EU Trade spokesman John Clancy said.