The Inquirer, citing the Monroe, La., district attorney's office, reports that with the payment of the fine, Peters avoided a July 15 arraignment and the case is officially closed.
On Wednesday, the team told the Inquirer: "We are glad to hear that the issue has been resolved."
According to the original arrest report, a police officer observed Peters' white Camaro and a blue sedan at a red light on U.S. 165 North and Central Street in the early morning June 12. When the light turned green, the Camaro and sedan accelerated and appeared to be racing.
When the deputy attempted to pull over the vehicles, the driver of the sedan pulled over, the report said. But Peters then accelerated at speeds of more than 100 mph with police in pursuit before finally pulling over. Peters was handcuffed, arrested, transported to Ouachita Correctional Center, and booked on charges of drag racing and resisting by flight.
The charges were eventually dropped, but Peters was fined for driving with an illegal muffler, authorities told the Enquirer.
Peters, a five-time Pro Bowler, is expected to report to the team's training camp July 25.
Information from The Associated Press was used in this report.