Rep. Jesse Jackson Jr. (D-IL) opens his papers after stepping up to the podium at a news conference on Capitol Hill December 10, 2008 in Washington, DC. Jackson had been mentioned as a potential replacement for the U.S. Senate seat left vacant by President-elect Barack Obama. Illinois Governor Rod Blagojevich (C), who has the power to fill the vacant Senate seat, was arrested at his Chicago home yesterday and charged with corruption after prosecutors said he was trying to sell the seat to the highest bidder. (Photo by Mark Wilson/Getty Images)

It’s been nearly three months since Jesse Jackson Jr. resigned from Congress, but now NBC News confirms that Jackson has signed papers in a plea deal within the past several days.

Jackson’s case is being handled by the US Attorney’s office in Washington DC. While no public announcement is expected today, those with knowledge of the investigation believe the loose ends now deal with Jackson’s wife, former Alderman Sandi Jackson, and whether or not she is ultimately charged.

Under the terms of the deal Jackson signed, he pleads guilty and his fate – as to jail time – would be in the hands of a federal judge, not yet assigned.  He would repay the government hundreds of thousands of dollars – for items like the $40,000 Rolex watch, travel expenses for a woman he described as a “social acquaintance” and furniture purchased for his home.

Converting campaign contributions for personal use is strictly prohibited by federal law. It opens Jackson up to “not more than 5 years” in prison.