PKR party leader Mohamed Azmin Ali told reporters outside the hospital that Anwar and his wife Wan Azizah Wan Ismail are heading straight to the palace for an audience with the king, Sultan Muhammad V.
The 92-year-old former-PM was also the man responsible for putting Anwar in jail the first time around back in 1999 during Dr Mahathir's first stint in the prime minister's role between 1981 to 2003.
That conviction is viewed by many in Malaysia as politically motivated, orchestrated by the previous government in a bid to decapitate Anwar's rising opposition movement.
A royal pardon would reverse Mr Anwar's conviction and make him eligible to actively participate in politics.
Anwar, who was the deputy prime minister during Mahathir's premiership in the 1990s, is now in a hospital in Cheras, waiting for the Pardons Board meeting, scheduled for Wednesday morning, said Bernama.
Anwar is scheduled for early release from imprisonment next month and is now recovering from surgery at the Cheras Rehabilitation Hospital.
Anwar was previously scheduled to be released on June 8. "It is also the recognition that the people have spoken and the royalty are responding to these issues".
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Malaysia's new Prime Minister Mahathir Mohamad sought a pardon for Mr Anwar, which was granted on Wednesday morning. "Now we need to see him become prime minister".
Analysts say tensions in the new government are possible due to the dominance of the two leaders - Mahathir is the chairman of the alliance and Anwar is its de facto leader.
He said no final decision had been made on a Cabinet position.
Mahathir has said he expects to run the government for up to two years but has signalled the reins would be turned over to the Anwar eventually.
When asked whether Anwar should take over as prime minister, Izzah said she believed the country deserved the best prime minister.
The volatile relationship between Mahathir and Anwar has dominated Malaysia's political landscape for over three decades and is central to the future of the alliance.