Is this a spy swap, or is Russia propping up Obama with a deal?

A Cold War-style spy swap for the alleged Russian agents is being hammered out.

All ten Russians held by the U.S. - including 'femme fatale' Anna Chapman - will reportedly be exchanged for ten prisoners being held in Russian jails who have spied for the West.

The swap could begin as early as today, with Britain playing a pivotal role.

It is reportedly being hurried through to minimise the diplomatic fall-out between Washington and Moscow - and it means the U.S. will avoid sensitive intelligence techniques being made public in court.

The Kremlin will also be keen to sidestep the embarrassment of Chapman and others giving testimony on their espionage.

Its willingness to negotiate suggests that grave damage could have been done to the reputation of the Russian spy service if a trial had gone ahead.

The deal was revealed by a lawyer for nuclear researcher Igor Sutyagin, jailed in 2005 for 15 years for spying for a British company the Russians claimed was a front for the CIA.

He was moved yesterday from a high-security prison in Arctic Russia to Moscow pending an expected release today to Britain.

Another believed to be on the swap list is Sergey Skripal, an FSB intelligence service colonel sent to prison for 13 years after being convicted of passing secrets to Britain

In further signs of movement, a bail hearing in Virginia for three alleged spies was cancelled and two other alleged spies waived their right to a local hearing in Boston and were being sent to New York.