The last great battle of the decadelong legal war over the crimes at Enron Corp. is poised to come to an end.

Enron's incarcerated former president and CEO Jeffrey Skilling and the Justice Department have reached an agreement to recommend that his federal prison sentence be reduced to as little as 14 years from 24 years. Under the deal, Mr. Skilling would halt further attempts to have his conviction overturned, and more than $40 million seized from him as part of the case would also be freed up for distribution to victims...