Teina Pora is expected to receive around $2 million in compensation after spending over 20 years in prison for the wrongful conviction of the rape and murder of 39-year-old Susan Burdett in 1992.
In March 2015 his conviction was quashed by the Privy Council and the Council did not order a retrial.
According to Newshub, "Cabinet guidelines indicate Mr Pora could be asking for about $2.1m as compensation for loss of liberty and emotional harm is calculated on a starting point of $100,000 for each year in prison."
Mr Pora was found guilty of Ms Burdett's murder in 1994, aged only 17. In 1999, his first conviction was quashed after DNA evidence from semen found at the murder scene was linked to serial rapist Malcolm Rewa. Rewa was eventually convicted of the rape of 27 women, including Ms Burdett, but not for her murder.
In 2000, Pora was again found guilty of Ms Burdett's murder in a retrial but his appeal was dismissed.
Pora has always maintained his innocence.
Justice Minister Amy Adams is expected to make an announcement regarding the compensation payment this afternoon.