Make or Break. People in Italy are on their toes awaiting the final verdict of its High Court on the long-running tax fraud case involving former prime minister and billionaire tycoon Silvio Berlusconi.

The High Court is expected to come up with a decision on Wednesday or possibly Thursday, Franco Coppi, Mr Berlusconi's defender, told reporters outside the courtroom on Tuesday.

Italians are specifically waiting to hear if the court will uphold a conviction of tax fraud against the former prime minister, which effectively sends him to jail and bans him for five years from seeking public office.

In October 2012, the court found Mr Berlusconi guilty of tax fraud at his Mediaset television company and was slapped with a four-year jail sentence.

As expected, his legion of defense counsels immediately worked to file an appeal against the conviction. Although the earlier decision has been upheld in May 2013, Mr Berlusconi's lawyers again managed to file another appeal with the Supreme Court, thus delaying his supposed entry into jail.

The Court of Cassation, Italy's appeals court of last resort, is the one tasked to come out with the final verdict which could make or unmake Mr Berlusconi and jeopardize not only his person and but also political career.

If the court decides to uphold the verdict, the prison term and ban automatically goes into effect.

Mr Berlusconi's lawyers had said they will no longer file for another appeal if the court upholds the verdict.

"On our part there will be no such request," attorney Franco Coppi told the Court of Cassation on Tuesday.

However, Italian legal experts said the former prime minister may still be able to avoid actually being sent behind bars because of lenient sentencing guidelines for those found guilty of convictions aged over 70s in the country. Mr Berlusconi is 76 years old this year.

Instead, Mr Berlusconi may just be placed under house arrest. This could either be in his luxury villa in Milan or under the care of social services.