Bernard Ebbers, the former chief executive officer of WorldCom, will be indicted on federal fraud charges related to his former company's $11bn accounting mis-statement.
Former WorldCom chief financial officer, Scott D Sullivan, was also expected to plead guilty to fraud-related charges.
Ebbers has denied any wrongdoing.
WorldCom, which now operates under the name MCI, filed for bankruptcy in July 2002, about a month after the company disclosed that a group of former employees had altered accounting records to conceal losses and inflate earnings.
The company plans to emerge from bankruptcy later this year.
Grant Gross writes for IDG News Service