The Fox Chicago TV station reports that source close to the investigation says multiple conversations took place between Rahm Emanuel and Blago over the appointee to Obama's senate seat. No information about whether there were any negotiations or quid pro quo discussions. The substance of the report is on a video on the webpage linked.
If Emanuel was completely above board in his taped conversations with Blago, merely stating preferences, it is possible he is not implicated in any crimes. Emanuel is a man who has made his way in the Chicago Machine, so the odds of his remaining serenely uninvolved in horse trading must be figured accordingly. But presumed innocent is the rule in court.
So far as I know, Emanuel has not yet resigned his seat in Congress. If Obama cuts him loose, I suppose he could remain in Congress. One thing to watch for is his resignation before the new Congress is seated. Or its absence.Hat tip: Lucianne.com