According to a report from NBC News' Ian Johnston, the London-based oil company has agree to pay nearly $4.5 billion and plead guilty to criminal charges.
The settlement with the U.S. Government was reached over the deadly Deepwater Horizon rig explosion and massive oil spill in the Gulf of Mexico in 2010.
According to Johnston, as part of the settlement, two BP employees will plead guilty to 11 felony counts of misconduct or neglect relating to the death of 11 workers. The employees have also agreed to plead guilty to several other misdemeanor counts.
The oil giant has also agreed to plead guilty to a felony count of obstruction for lying to congress about how much oil was actually spilling from the ruptured oil well.
U.S. Attorney General Eric Holder is expected to make an official announcement later today in New Orleans on the settlement.