Turner is now free to resume training with the Storm after both parties agreed to a commercial arrangement which includes Melbourne releasing two of its junior players to the Jetstar Titans.
Titans CEO Michael Searle said: "After extensive negotiations between the Titans and the Melbourne Storm, both parties have today agreed to a commercial settlement and in good faith we have immediately released Steve Turner to the Storm to commence training subject to the finalisation of a written agreement.
"This commercial settlement allows for our club to secure two promising junior players. We have been in contact with these players and both have expressed an interest in coming home to Queensland and playing for the Jetstar Titans. In the next week we will work to resolve an agreement between ourselves and the players."
Storm CEO Brian Waldron said: "I am pleased for all parties that the dispute has been resolved. Throughout this whole difficult process our commitment has been to ensure Steve's desire to remain in Melbourne was fulfilled and we are pleased this outcome has been achieved.
"Both players involved have expressed a belief that their opportunities for first grade football would be best served elsewhere and as such we are happy to allow them to continue their football at the Titans.
"We would also like to acknowledge that throughout this period Michael Searle and the Titans have acted in a professional manner, for which we are appreciative".
"It's been a difficult few months for both myself and Kate (partner) so the relief that the dispute is over is enormous," said Turner.
"I'm extremely grateful to the Gold Coast Titans for allowing me to stay in Melbourne and I wish them all the best for the 2007 season.
"I'd also like to thank the Melbourne Storm for the total support they have shown me over the past six months."
NRL CEO David Gallop is pleased that the Clubs have satisfactorily resolved the Turner dispute.
"It's pleasing to see that the clubs have been able to reach a conclusion that is satisfactory to them and the players involved," said Gallop.
"A commitment between a player and a club can only be altered if both parties to the agreement are prepared to do so and clearly that is now the case.
"The NRL has remained firm that the Gold Coast had a binding commitment in relation to Steve Turner and this matter has reinforced the importance of the clubs and players alike honoring those commitments.
"Importantly this has shown that clubs can work together to resolve points of dispute in the interests of both the players and their fans"