NEW YORK — Martha Stewart will learn Friday whether she's headed for prison as she faces sentencing by the federal judge who presided over her stock conspiracy trial.

The 62-year-old domestic doyenne will likely be sentenced to a 10- to 16-month prison term, based on federal sentencing guidelines, but the judge has discretion to give Stewart as little as probation or allow her to serve her sentence under house arrest.

Even if ordered to serve time behind bars, Stewart might not go straight to prison. Judge Miriam Cedarbaum has the flexibility to allow her to post bail and remain free until after her appeal is decided, which could take years.

Stewart was convicted in March of conspiracy, obstruction and two counts of lying to investigators for covering up the circumstances surrounding her Dec. 27, 2001, stock trade of biotech company ImClone.

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Her well-timed sale came a day before the FDA made public its decision to reject the application for a cancer drug manufactured by ImClone, and just after learning that the company's CEO, Sam Waksal, was dumping $7.5 million worth of his stock.

Although the maximum penalty for the counts is 20 years in prison, federal sentencing guidelines take into account other factors that could drastically narrow the range. The court sealed the presentencing motions, but Stewart's defense is likely to cite the mogul's contributions to the business community, her charity work and her lack of a criminal record, for example.

Her former stockbroker, Peter Bacanovic, who was tried alongside Stewart, was found guilty by the same jury of conspiracy, obstruction, lying to investigators and perjury. He was cleared of one charge alleging he falsified a document.

Bacanovic, who could face up to 20 years, is slated to be sentenced at 2:30 p.m. Friday. He, too, could receive as little as probation.

The pair made several attempts in the four months since their convictions to convince Cedarbaum to set aside the verdicts and order a new trial. In defense motions, they noted a juror who lied during the selection process about his arrest record and a government witness later charged with lying on the stand during the trial.

Though Cedarbaum refused to grant either a new trial, the issues can still be raised during an appeal.