Antoin "Tony" Rezko was accused of scheming to get bribes from businesses seeking state contracts.
The jury delivered its verdict Wednesday after a nine-week trial.
Rezko has known Obama since he entered politics and was involved in a 2005 real estate deal with the Democratic presidential candidate, although testimony barely touched on their relationship. Most of the focus was on shakedowns prosecutors say Rezko arranged when he was a top adviser to Blagojevich.
Neither Blagojevich nor Obama has been accused of wrongdoing.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
CHICAGO (AP)The jury deliberating political fundraiser Antoin "Tony" Rezko's fate has reached a verdict.
The verdict is to be read in Chicago's federal court later Wednesday afternoon.
The 52-year-old Rezko has pleaded not guilty to scheming to get kickbacks from companies wanting state contracts.
The jury has deliberated for parts of 13 days since getting the case May 13.
Jurors had told U.S. District Judge Amy St. Eve on Monday they couldn't agree on one of 24 counts against Rezko. They seemed to indicate they had reached verdicts on 23 of the 24 counts, but didn't say that specifically.
At the time, St. Eve told jurors to listen carefully to each other and try to reach an unanimous verdict.