The European Union (EU) regulators have reportedly agreed to revised concessions submitted by Google, to resolve the two-year-long antitrust investigation.

The revised concessions which were submitted last week, follows a settlement proposal submitted by Google to the EU Competition Commission (CC) in January this year to resolve concerns.

Citing two people briefed on the agreement, the New York Times reported that Google will not have to change the algorithm that produces its search results.

As per the proposal, the search giant agrees to clearly label search results from its own services, such as Google Plus Local or Google News while search links in Google Shopper and Google Flight will remain as it is where competitors pay to be listed.

The search major will also give web sites the the option to be excluded in its vertical search properties, while including them in general search results.

According to the New York Times, the changes will not be widely seen for at least a month, while rivals and others in the industry can weigh in on the plan, in a process called market testing.

Once the deal is finalised, Google may avoid fine of about $1bn.

Google has been under investigation since 2010 for claiming to be misusing its dominant position in online search market against its rivals.

In October last year, the EU asked Google to undo the controversial modifications that were made in March 2012 to its European privacy policy.