Pete Rose and Commissioner Bart Giamatti reached a compromise Wednesday calling for the Cincinnati manager to be suspended--but not banned for life--for having bet on baseball, sources said.
Giamatti announced Wednesday night that he would hold a news conference in New York today.
However, the commissioner did not say officially what the news conference would be about.
Sources familiar with the situation said the news conference will involve Rose's suspension. However, the sources were not sure of the length of the suspension.
United Press International reported the length would be five years.
Several baseball sources said Giamatti pushed for a settlement because he was afraid the case would continue to linger in court, preventing him from disciplining Rose.
The sources said Rose needed to settle because he believed that Giamatti ultimately would suspend him once Rose's legal appeals were exhausted.
Rose's need for a settlement increased once baseball successfully moved the case into federal court.
Rose, under investigation since Feb. 20, obtained a temporary restraining order from an Ohio state court on June 25.
That order has prevented Giamatti from holding a hearing on the gambling allegations.
Rose was accused by bookmakers and other acquaintances of betting on baseball, including games involving the Reds.
Investigators for baseball compiled a 225-page report that concluded Rose bet on the Reds from 1985-87 and cited evidence that included betting slips alleged to be in Rose's handwriting, and telephone and bank records.
A hearing on Rose's request for a preliminary injunction is scheduled to begin on Monday in federal court in Columbus, Ohio.
Reds owner Marge Schott, contacted at her home Wednesday night, said she had received no word from the commissioner's office about the news conference.
"I know nothing about what's cooking," she said. "I'm going to wait for tomorrow and see what happens."