Disgraced former Nissan Motor Co. Chairman Carlos Ghosn was reportedly approved for bail by a Tokyo court on Tuesday.

Bail has reportedly been set at $9 million (1 billion yen), according to Kyodo News.

Ghosn was arrested on November 19 and is facing multiple allegations of financial misconduct including underreporting his income and transferring more than $16 million in personal investment losses to Nissan.

Disgraced former Nissan Motor Co. Chairman Carlos Ghosn was reportedly approved for bail by a Tokyo court on Tuesday, following his arrest last year over allegations of financial misconduct.

Bail has been set at $9 million (1 billion yen), according to Kyodo News. Two other requests submitted by his legal team were previously denied. His release could come as soon as today, according to Associated Press.

Ghosn was arrested on November 19 and is facing multiple allegations of financial misconduct including underreporting his income and transferring more than $16 million in personal investment losses to Nissan.

The former chairman has said that he acted "honorably and legally," and he has maintained that he was "wrongly accused and unfairly detained."

Read more: 'I have been wrongly accused and unfairly detained': Ousted Nissan exec Carlos Ghosn makes his first public remarks on financial misconduct allegations in Tokyo court

Ghosn was once a prolific figure in the automotive industry, and is admired for helping save Nissan from the brink of bankruptcy in the late 1990s, which included a strategic partnership with the French automaker Renault in 1999. Mitsubishi joined the group in 2016, and two years later, the Renault-Nissan-Mitsubishi alliance under Ghosn's leadership became the world's largest automaker by sales.

Both Nissan and Mitsubishi booted Ghosn after the financial misconduct allegations came down. Nissan CEO and president Hiroto Saikawa publicly rebuked Ghosn.

Fellow Nissan executive and close aide Greg Kelly was arrested alongside Ghosn and was granted bail in December. Kelly has also denied the allegations, but is reportedly cooperating with Japanese authorities.

Bryan Logan contributed to this report.