Breaking News

Colorado movie theater shooter James Holmes is prepared to enter a guilty plea in the cold-blooded killings of 12 people in exchange for life in prison instead of the death penalty ... this according to Holmes' lawyer.

Holmes' legal team offered the plea deal to prosecutors during a court session earlier today ... but according to the AP, prosecutors did not immediately accept the offer.

Prosecutors have not commented on Holmes' offer yet -- but it's likely they will consult with the families of the victims before reaching a decision.