Multiple sources confirmed to ABC News that Trump has already signed off on the decision and that it is something he has been considering doing for months.
Libby's case has always been a cause for conservatives who argued that he was a victim of a special prosecutor run amok, an argument that may have resonated with the president.
Another interesting note about the possible Libby pardon: Libby was convicted in a case where a special counsel was named to investigate the Plame leak.
Mr Trump has repeatedly complained that the special counsel investigation into possible cooperation between his campaign and Russian Federation in 2016 has gone too far and amounts to a "witch hunt".
Coli outbreak that has reached Ohio, Pennsylvania
It springs up when the toxins from the bacteria spread from the intestines into the blood and cause damage to small blood vessels. Currently, New Jersey is the state with the most reported outbreaks, six cases of E. coli-related illness affecting residents.
The White House stated there there have been no talks of pardoning Libby "at this time". Plans for a pardon were first reported by ABC News.
The move would mark another controversial pardon for Trump and could raise questions as an increasing number of the president's political allies have landed themselves in legal jeopardy. He was sentenced to 30 months in prison in the case, but President George W. Bush commuted his sentence.
The news comes almost eight months after Trump pardoned Joe Arpaio, the former sheriff of Maricopa County who defied a court order to stop racially profiling Latinos.
Well, President Donald Trump is set to change all that.