Lance Armstrong awaits the start of the 2010 Cape Argus Cycle Tour in Cape Town, in this March 14, 2010 file photo. Armstrong could be jailed and cycling could be dropped from the Olympics as a result of the disgraced American athlete's reported admission that he had used performance-enhancing drugs during his racing career.  [Photo/Agencies]

Doping officials have already asked him to speak to them under oath and reveal everything he knows, something which could perhaps pave the way for a reduction to his life ban.

And while his legacy is seemingly tarnished forever, an admission could at least partly salvage some of his reputation among people willing to forgive and forget.

"Armstrong benefits from the fact that we live in a society that forgives fallen heroes," wrote Scott Allison, a professor of psychology at the University of Richmond.

"Armstrong's suffering and squirming now is sowing the seeds for his later redemption."

For his critics, an admission of guilt and an apology is unlikely to sway their feelings towards him, according to University of Notre Dame management professor Emily Block.

"Our research would suggest his mea culpa to Oprah will be largely ineffective, as it is likely to be viewed through this lens," wrote Block.

"Even if he presents himself in the best possible light, acting contrite, taking responsibility and begging forgiveness, these behaviors are likely to be perceived as just another dishonest statement from an individual who has a bad character reputation."

The court of public opinion could be the least of Armstrong's concerns. Legal experts will also be tuning into the broadcast.

The 41-year-old Armstrong is facing legal threats to repay millions of dollars to various organisations, including a British newspaper he sued for libel and a Dallas-based promotions company that gave him a huge bonus for his Tour de France wins.

He could also face the prospect of jail time, according to some lawyers, with the US Department of Justice considering joining a whistleblower lawsuit filed against the cyclist by former team-mate Floyd Landis, according to US media reports.

"The difference between a case in which the government intervenes and one in which they don't is enormous," said Matt Orwig, a former federal prosecutor.

"It's a whole different ballgame."