Trump is expected to issue over a hundred pardons or mitigations on Tuesday.
Lil Wayne risks up to ten years in prison for carrying a loaded gold-plated gun during a flight to Florida in a private plane.
During the presidential election campaign this fall, the rapper tweeted a photo where he posed with Donald Trump, and expressed support for the president's proposal for legal reform.
Also on the list is probably Sheldon Silver, former Speaker of the New York State Legislature who was convicted of corruption in 2015, according to Reuters sources.
However, Trump is not expected to pardon his legal adviser Rudy Giuliani - who has been at the forefront of the president's fruitless attempt to find evidence of electoral fraud - nor his former controversial chief strategist Steve Bannon.
Bannon has been accused of fraud in connection with a fundraising campaign for Trump's wall construction along the border with Mexico.
Biden is sworn in on Wednesday
Wikileaks founder Julian Assange, who has also speculated about possible pardons, is also not expected to be on the list, according to sources.
Trump is also said to have been advised against pardoning himself or members of his family, and is believed to have listened to that advice.
In December, Trump was criticized for, among other things, pardoning several employees of the security company Blackwater, which in 2007 shot dead at least 14 civilians in Iraq.
The US Constitution gives the president the right to pardon in federal cases.
Many choose to do so before their departure.
On Wednesday at 12 noon, Joe Biden will take the oath of office.