According to court papers on Wednesday, the government and Skilling have agreed to recommend that Skilling be resentenced at a June 21 hearing to a term of 14 to 17-1/2 years, a period that could be reduced for good behavior.
Skilling, 59, has been in prison since December 2006, following his conviction by a Houston federal jury on 19 counts of securities fraud, conspiracy, insider trading and lying to auditors.
"The proposed agreement brings certainty and finality to a long painful process," Skilling's lawyer Daniel Petrocelli said in a statement. "Although the recommended sentence for Jeff would still be more than double any other Enron defendant, all of whom have long been out of prison, Jeff will at least have the chance to get back a meaningful part of his life."
Wednesday's proposed sentence also calls for Skilling to make more than $40 million in restitution to Enron victims and end his appeals of his conviction.