Pol Lt Col Wiradol Thapthimdee, an investigator at Thong Lor police station responsible for the case, said the family of Pol Snr Sgt Maj Wichian Klanprasert have agreed to accept 3 million baht in compensation.
He said the payment has been made in a move which is seen as an attempt to avert a civil lawsuit.
Mr Vorayuth has been charged with hit-and-run and drink-driving after crashing into Pol Snr Sgt Maj Wichian with his Ferrari in the early hours of Sept 3 in Bangkok's Sukhumvit area.
Pol Lt Col Wiradol said the police investigators expect to conclude the probe against Mr Vorayuth at the end of this month.
He said police are waiting for details of the suspect's blood test results after traces of narcotics were found in his blood.
He said a fresh charge related to narcotics is likely to be pressed against the suspect.
Mr Vorayuth is a grandson of Chaleo Yoovidhya, the late founder of the Red Bull energy drink empire.