Just the cold, hard facts
Not long after, on Radio Five Live, reporter James Weston (sp?) informed listeners that, although he had only "just been reminded" (by Webb, perhaps?) of the possibility of a presidential pardon, his own sage judgement was that it was "quite likely" to happen.
So to sum up: If the Libby case actually goes to trial, and if Libby is then convicted, and if he then gets sentenced to jail time, and if Bush is still in office when it finally concludes (Weston reminds us of how slowly the wheels of justice turn in the US), then it is "widely believed" by some unspecified group of people that it is "quite likely" that Bush will pardon Libby.
Far be it for the BBC to engage in idle speculation.