From The Globe and Mail:

If true, the clemency option would be a bit of a climbdown for Mr. Black, as reporters Sinclair Stewart and Paul Waldie note here:

In June, just weeks before he lost an appeal, Lord Black said he had no plans to request clemency, and had “nothing to do with any such initiative.”

Mr. Bush has been stingy with pardons throughout his political career. As governor of Texas, he granted fewer pardons than any of the state's governors since the 1940s: just 17, compared with 70 for his predecessor. As president, Mr. Bush has signed 157 pardons and six commutations. He turned down roughly 8,000 requests. Former president Bill Clinton granted 459 pardons and commutations, including 141 pardons and 36 commutations during his final days in office.

You may be wondering how Conrad's been doing:

Lord Black did not respond to questions this week about the clemency request, and his lawyer, Andrew Frey, was unavailable. In e-mails to The Globe and Mail earlier this month, Lord Black said he was doing fine in prison, but added that he had been “horrifyingly busy with one thing and another, which is why I am late replying.” When asked what was occupying his time, Lord Black replied: “Writing and reviewing legal initiatives, as well as dealing with my students.”