updated 7/9/2009 7:07:10 PM ET 2009-07-09T23:07:10

As General Motors prepares to exit bankruptcy, the automaker looks close to offering its former CEO and Chairman Rick Wagoner an exit package to formally leave the company, according to news reports.

Wagoner, who almost four months after his ouster is still employed by GM, will learn “very soon” when he’ll be cut loose from the company and what he’ll receive as an exit package, according to a report in The Wall Street Journal, citing an Obama administration official.

The former executive could be eligible for pensions that are worth around $20 million, according to the Journal. The amount includes benefits accumulated over Wagoner’s 32 years at GM.

Wagoner remains on the GM payroll and makes $1 a year. He is receiving the same benefits afforded to him during his tenure as chief executive, the paper said, and GM is keeping him on staff as the government decides on pay and benefit criteria for the company’s top officers.

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