A day after the New York Times reported that President Donald Trump's longtime personal attorney Michael Cohen could soon be facing federal charges related to alleged fraudulent banks loans, the Associated Press on Monday says its sources have confirmed those developments.

The sources for AP, according to the news agency, "confirmed reports that federal prosecutors in Manhattan were considering charging Cohen after months of speculation over a case that has been a distraction for the White House with the midterm elections approaching."

News of the possible federal charges come dressed as a pending threat to the president as  has grown over recent months about whether Cohen, long a "fixer" for Trump and counted as one of the most loyal members of the inner circle, would betray his former client.

"The people, who weren't authorized to discuss the case and spoke on Monday on condition of anonymity," AP reports, "refused to answer questions about speculation that Cohen still might strike a plea deal with prosecutors requiring his cooperation."

With the investigation of Cohen centered around $20 million in loans taken out by a taxi company owned by his family, Citizens for Responsibility and Ethics in Washington (CREW), speculated about whether the threat of prosecution would be enough for push Cohen "to flip and cooperate with investigators."