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Bill Clinton

is considering a pardon of

Michael Milken

, the former junk bond king who served nearly two years behind bars on securities fraud charges, according to reports published during the weekend.

Milken's clemency application has been given directly to the president, according to the reports.

Milken, the former head of junk bond trading at

Drexel Burnham Lambert

in the 1980s, was convicted on six counts of securities fraud and spent 22 months of a 10-year sentence in prison. He also faced more than $1 billion in fines and was prohibited from the securities business for life. Milken has been out of prison for about eight years.

A presidential pardon would allow Milken to vote in many states and permit him to serve on corporate boards. Reports indicated that if Clinton clears Milken, he would likely to do it around Christmas, the traditional time outgoing presidents absolve convicted felons.