He's allegedly in plea bargaining negotiations, which means he is as good as guilty over the dogfighting allegations:
If the announcement is that Vick has reached a plea agreement, the embattled star quarterback is expected to be sentenced to some time in prison, according to federal sentencing guidelines.
Vick's motivation to enter a guilty plea is likely fueled by the U.S. Attorney's Office announcement last month that it will seek a new "superseding" indictment against Vick by the end of August. With the cooperation of Vick's three co-defendants, there will likely be new, and more specific, allegations against Vick. The federal grand jury in Richmond is expected to hand up that indictment sometime early next week.
If Vick can reach an agreement by the end of this week, he would not have to answer to any additional charges.