UPDATE 2:55 P.M. ET: Simpson has been granted parole.

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Original story below:

O.J. Simpson is set to have a parole hearing on Thursday, with the possibility he could be released from prison.

The 70-year-old Simpson has been behind bars for eight years on charges of armed robbery and kidnapping (among others) in connection with trying to steal sports memorabilia that he claimed he owned back in 2007 .

Simpson, who is doing time at Nevada's Lovelock Correctional Center, was sentenced to 33 years in prison. He'll appear before the four-member parole board at 1 p.m. ET. "Factors that the parole board will consider include include Simpson's age, prior convictions, the nature of the crime and possible plans after release," reports Time.

Simpson, who was infamously acquitted of murdering ex-wife Nicole Brown Simpson and Ronald Goldman back in 1995, could be released as soon as October.