Teina Pora is set to receive more than $2 million in compensation for wrongful conviction and imprisonment.
Justice Minister Amy Adams has called a press conference for today to make an announcement about the case.
While her office would not reveal any details, it is understood that the Cabinet has approved compensation for Mr Pora.
The base rate for compensation in wrongful conviction cases is $100,000 a year.
Mr Pora spent 22 years in prison, meaning he stands to receive more than $2 million - the largest-ever payout by the Crown.
In March 2015, the Privy Council quashed his convictions for the 1992 rape and murder of Susan Burdett.
A month later, his legal team made a formal claim for compensation.
Because a retrial was not ordered, Mr Pora qualified for a payout.
In June 2015, Ms Adams said Mr Pora's claim merited further assessment and she referred it to former High Court judge Rodney Hansen.
Mr Pora went through two trials, three Court of Appeal hearings and, finally, the Privy Council process.
The Privy Council ruled: "The combination of Pora's frequently contradictory and often implausible confessions and the recent diagnosis of his FASD [fetal alcohol spectrum disorder] leads to only one possible conclusion and that is that the reliance on his confessions gives rise to the risk of a miscarriage."
Mr Pora is now living with family at a farm in Taranaki.
In June last year, Ms Adams said Mr Pora's claim merited further assessment and she referred it to former High Court judge Rodney Hansen.
The brother of Arthur Allan Thomas says no amount of compensation can make up for being wrongfully sent to jail.
Arthur Allan Thomas received a $950,000 payment in the late 70s after he was pardoned for the murders of Jeanette and Harvey Crewe.
Des Thomas admits the money helps those wrongfully convicted get on with their lives but thinks $2 million is a pittance for what Mr Pora had to go through.