Mikhail Khodorkovsky
Jailed oil tycoon Mikhail Khodorkovsky in a video link from a prison colony near the Arctic Circle at the Supreme Court in Moscow (Reuters)

Russian president Vladimir Putin has said he will sign pardon for jailed former oligarch and Kremlin critic Mikhail Khodorkovsky "in the nearest future", according to RIA novosti.

Khodorkovsky, who was Russia's richest man and the head of oil giant Yukos before being arrested in 2003, was supposed to walk free in August 2014.

"He has spent over 10 years in confinement – which is a serious term, I believe," Putin told journalists on Thursday.

However, the tycoon's lawyers have denied that Khodorkovsky asked for clemency, according to Reuters.

Khodorkovsky, 50, had described the trial as a sham, and an attempt to "destroy the reputation of the judicial system and trust in this state institution, merely for the sake of extending a prison term for opponents of the authorities."

The oligarch and his business partner Platon Levedev were first convicted for tax evasion in 2005. The trial was widely seen as political, since Khodorkovsky was arrested shortly after falling out with President Vladimir Putin.

Khodorkovsky had been funding opposition political parties and publicly challenged Putin's authority when he criticised the president's handling of corruption within the state during a televised meeting.

In 2010, as the terms of their first sentence were about to expire, Khodorkovsky and Lebedev were handed another 13 years in jail for stealing oil and laundering money.