Attorney: Drew Peterson's $20 Million Bail Too High

UPDATE: Peterson pleads 'Not Guilty' in death of third wife.

Drew Peterson, the ex-Bolingbrook, Ill. police sergeant accused of killing his third wife, Kathleen Savio, in 2004, hopes to get his bond reduced when he formally hears the murder charges read to him Monday at the Will County Courthouse in Joliet, Ill.

Peterson, whose bail is set at $20 million, has been in custody since May 7. He would need to post 10 percent of the bail amount, $2 million, to be released from custody prior to his trial.

His attorney, Joel Bronsky, told Fox & Friends Monday that the current bail figure is too high, and a range of $100,000- $500,000 would be more appropriate for the former lawman. He said Peterson is obviously not a flight risk, as evidenced by the fact he has repeatedly returned to Illinois despite the fact he has been traveling frequently in the past five months, after officials told him an indictment was imminent.

During Monday's arraignment, Peterson is also expected to plead not guilty to the charges.

Though authorities originally ruled Savio's drowning death as accidental, prosecutors re-opened the case following the disappearance of the lawman's fourth wife, Stacy, in 2007. He has not been charged in connection with her disappearance.