ESPN reports that Vick's legal team met with federal prosecutors Monday. Reportedly, Vick has until Friday to accept a deal or face more federal charges including racketeering.

According to the Atlanta Journal-Constitution, federal sentencing guidelines mandate Vick serve some prison time if he accepts the plea agreement.

The suspended Atlanta Falcons quarterback is also awaiting a decision by the National Football League on his playing future. By accepting the plea, Vick will likely face at least a year's suspension from the league under the NFL's personal conduct policy.

Last month, Commissioner Roger Goodell barred Vick from reporting to training camp.

Greg Aiello, spokeman for the NFL, stated yesterday the league was continuing it's investigation into the charges against Vick.

Vick's three co-defendants have made deals with federal prosecuters. As a result, there will likely be new, and more specific, allegations against Vick if he chooses not to accept a deal. The federal grand jury in Richmond is expected to indict Vick by early next week.

The former Pro-Bowl star has already lost endorsement deals from Nike, Reebok, Upper Deck and Rawlings thanks to his alledged involement in this scandal. Now, his career and freedom are both very much at risk.

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Contributors to this story also include CBSnews.com and the Associated Press.

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