The deal was produced through multistate negotiations led by the attorneys general of California, Colorado, Illinois, and Oregon, according to the announcement.
Albertsons operates in California through subsidiaries including Safeway and Vons, the attorney general's office said.
The parties have reached agreement on the total potential payment, but "important negotiations remain, including with respect to injunctive relief," according to the announcement.
"This agreement is part of our ongoing fight to bring help and healing to communities harmed by the opioid crisis," Bonta said.
"The California Department of Justice has worked closely with our coalition partners to hold corporate actors accountable for fueling this public health crisis," Bonta said. "We will continue to address the epidemic from all angles and support individuals and families affected by it."
The announcement did not identify which governments would be eligible to receive payments or provide a timeline for finalizing the agreement.