Former congressman Jesse Jackson Jr. has reportedly signed a plea deal with the Justice Department regarding the misuse of campaign funds.

The Chicago Sun-Times reported earlier this week that the deal includes "significant jail time." According to an NBC News report, a federal judge, not yet assigned, will determine how much time Jackson will serve. He also will have to repay the government hundreds of thousands of dollars spent on such items as a $40,000 Rolex watch and furniture for his home.

When Jackson resigned from Congress last November, he was widely believed to be negotiating a deal with federal authorities.

“I am aware of the ongoing federal investigation into my activities and I am doing my best to address the situation responsibly, cooperate with the investigators and accept responsibility for my mistakes, for they are my mistakes and mine alone,” he said in his resignation letter.

NBC News also is reporting that there are still some "loose ends" to be tied up, such as whether Jackson's wife, Sandi, who resigned her alderman's position last month, also will be charged.

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 (Photo: Chip Somodevilla/Getty Images)