If Cohen agrees to the deal, Clifford's lawyer, Michael Avenatti, has pledged to wire the money by Friday.
The letter, first reported by NBC News, comes a day after BuzzFeed News reported that lawyers associated with Trump are considering legal action to stop 60 Minutes from airing an interview with Clifford on Sunday night.
Clifford's letter says the offer will remain open until noon Tuesday.
Prezzy is more than likely referring to the fact that he's now being sued by Stormy Daniels over an alleged affair they had in 2006, due to Trump allegedly never signing a "hush agreement" to keep their tryst private.
The White House - which has repeatedly denied the alleged affair - declined to comment.
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A lawsuit filed last week by Daniels asks for that non-disclosure agreement to be voided, on the grounds that Trump never signed the agreement.
"Under Avenatti's offer, Clifford would then be allowed to "(a) speak openly and freely about her prior relationship with the President and the attempts to silence her and (b) use and publish any text messages, photos and/or videos relating to the President that she may have in her possession, all without fear of retribution and/or legal liability for damages". Cohen admitted to making the October 2016 payment to Daniels but said the money came out of his own pocket, and claimed that neither Trump or anyone affiliated with his former campaign or business had any knowledge of the transferred funds. "The president has denied the allegations against him", Sanders said.
If they reject the offer, they could be seen as effectively acknowledging the existence of a continuing effort to keep Clifford silent about an affair that Cohen and the president say did not happen.
Clifford is potentially violating the nondisclosure agreement, which means her legal battle with Trump's lawyers could be coming to a head.
He's licensed to practice law in New York State. Definitely not exchanging romantic emails with the Tiffany's bodyguard at Trump Tower as we speak!