Holmes attorneys wrote "Mr. Holmes is currently willing to resolve the case to bring the proceedings to a speedy and definite conclusion for all involved."
Prosecutors say they will talk to victims and families before they decide whether or not to take the deal or continue with the trial and seek the death penalty.
If the deal is made the parties think they could wrap up most of the details at the next scheduled court appearance on April 1. The balance in the case comes as the prosecution weighs what would happen if Holmes' council goes forward with a sanity defense.
In the case of a plea deal the prosecution can at least be sure that Holmes would do jail time instead of in a mental institution or hospital.