Presidential pardons are now considered highly unlikely for former President Lee Myung-bak and the former governor of South Gyeongsang Province, Kim Kyoung-soo, as the Yoon Suk Yeol administration prepares a list of candidates on the occasion of Liberation Day on August 15.

According to multiple government sources on Tuesday, President Yoon is expected to minimize special pardons for unpopular politicians amid his plunging approval ratings, essentially eliminating both the conservative former president and the ex-governor, a close ally of former President Moon Jae-in.

On the other hand, a presidential pardon is viewed as highly likely for Samsung Electronics’ Vice Chairman Lee Jae-yong and other economic heavyweights as part of the government's efforts to overcome economic challenges. Although Lee's sentence was up last month, a special pardon is needed to terminate the five-year employment ban so that he can return to his post at the company.

Earlier in the day, the justice ministry began a review of cases up for a presidential pardon, in what would be the first round for the Yoon administration.

Presidential pardons are expected to be announced on Friday.