Kevin Wallin, the 61-year-old Connecticut priest nicknamed "Monsignor Meth" after his January 3 arrest for operating a drug-dealing ring, is expected to plead guilty next week to one count of conspiracy, according to news reports.

Wallin was ordained a priest by the Roman Catholic Church in 1984 and worked in Bridgeport and Danbury, Conn., churches until 2011. His intention to plead guilty to one conspiracy charge was made public in a Tuesday court filing.

Prosecutors say Wallin made $300,000 in methamphetamine sales from his apartment and from the parking lot of an adult bookstore he owned. Four alleged accomplices were also arrested in what Connecticut U.S. Attorney David Fein touted as "the dismantling of ... a significant methamphetamine distribution organization that spanned from California to Connecticut."

The bookstore—which sold pornography and sex toys—was believed to be a front business for Wallin to launder his drug money.

According to the Connecticut Post, by pleading guilty Wallin may induce the prosecutor to dismiss six charges of possession with intent to distribute the drug. He may also avoid a mandatory minimum sentence of 10 years in prison, the Post reports, by applying for a "safety valve" exception for first-time offenders.

The Hartford Courant reports that Wallin was himself addicted to meth, according to court documents, and at some point before his arrest "was ordered by his employer to enter a rehabilitation program." It's unclear who that employer was, but a spokesman for the Diocese of Bridgeport, which was paying Wallin a stipend until his arrest, said it wasn't the church.

Wallin resigned from his Bridgeport post in June 2011 and was allowed to take a sabbatical. Church authorities reportedly had become alarmed by Wallin's behavior after they discovered he was a cross-dresser and was having sex in the rectory of St. Augustine Cathedral in Bridgeport.

The Connecticut Post reported in January that, according to sources, Wallin "sometimes dressed as a woman, [and] would entertain odd-looking men, some who were also dressed in women's clothing and engaging in sex acts."

A spokesman for the Bridgeport Diocese on Wednesday told the Post: "It is a difficult moment for all of us, but we hope it is also the first step in rebuilding his life. We pray that he moves toward healing and wholeness."

Several publications have noted the uncanny similarity between Wallin's story and the fictional life of Walter White, the main character in the popular AMC show "Breaking Bad." The series, which debuted in 2008, centers on White's transformation from a frustrated and bored school teacher into a wealthy meth-dealing kingpin.