Skilling, who has been in prison since 2006, received the hefty jail term for his role in the collapse of the energy trading giant more than a decade ago. An appeals court overturned his sentence in 2009, ruling that the sentencing guidelines had been too harsh. On Wednesday, Skilling’s lawyers reached an agreement with federal prosecutors that would see the sentence cut to between 14 and 17.5 years, the Associated Press notes.
The deal must be approved by a U.S. District Court judge. A hearing on the settlement will be held on June 21.
Enron imploded financially after it was discovered that Skilling and other executives had hidden massive losses through a series of deceptive accounting practices.
A jury convicted Skilling of securities fraud, conspiracy, insider trading and deceiving auditors.
Though a number of Enron executives ultimately went to prison over the debacle, Skilling is the only one still in jail.
Rumors of a deal with federal prosecutors surfaced last month.