Joshua Micah Marshall flags a pardon for Libby:

Presidents do sometimes pardon people who they believe have taken legal hits on their behalf. But this case would be of a different order since the president's pardon would be mainly to prevent a trial which would certainly lead to the airing of highly embarrassing and morally incriminating evidence about senior members of his administration, perhaps including himself.

Make no mistake, this is a trial balloon, an effort to test the waters and prepare the public for Libby's eventual pardon. And you should expect that the president will pardon Libby, perhaps as soon as six months from now, because signals of Libby's impending pardon will raise little concern or controversy in Washington or among name pundits.