According to CNBC, an agreement is being discussed between Skilling's lawyers.
It's unclear how much his sentenced would be reduced if a deal is reached.
Skilling was sentenced to 24 years in federal prison in Englewood, Colo., for his role in the collapse of the Houston-based energy firm. He has served six.
Since being imprisoned, both of his parents and his college-age son John Taylor "JT" Skilling have died.