Embattled former Rep. Jesse Jackson Jr., of Illinois, who resigned last November in the midst of a criminal investigation, has agreed to a plea deal with federal prosecutors, according to Chicago media reports and reported on politico.com.

The 47-year-old Jackson, Jr., has been under investigation for diverting tens of thousands of dollars in campaign contributions for personal use, which is a breach and a violation of federal law. The Chicago Sun-Times reported that Jackson has agreed to "significant jail time" as part of his plea agreement even as Justice Department officials would not confirm whether any agreement with Jackson Jr., had been reached at this time. Jackson's defense team also would not confirm any such agreement.

Jackson, Jr., was first elected to the House in Dec.ember 1995, and was once considered one of the Democratic Party's rising stars. He became embroiled in seeking President Obama's vacant Senate seat. At the time,  Illinois Governor Rod Blagojevich, who is now in federal prison after being convicted on a number of federal corruption charges, was lobbied by Jackson to fill in the void there.

Jackson reportedly directed Illinois businessman Raghuveer Nayak to tell Blagojevich that he would raise $6 million for the governor's reelection campaign in return for the Senate appointment, based on a report by the Office of Congressional Ethics, according to politico.com.

Jackson denied the allegation. But the Department of Justice went on to indict Nayak on June 20 on a slew of federal tax and fraud charges. Shortly before Nayak's indictment, Jackson Jr., disappeared from public view, and he later released a statement saying he was being treated for bipolar disorder.

Despite winning reelection, Jackson Jr. quickly resigned from office and acknowledged that he was "cooperating" with federal investigators looking into whether he had misused campaign funds for personal expenses, according to reports. Jesse Jackson Jr. is the son of the controversial African American leader.