But not so fast, says Lohan's criminal defense attorney Shawn Chapman Holley.
"We vehemently deny these allegations and, if charges are filed, we will fight them in court, not in the press," Holley told PEOPLE on Saturday.
Lohan, 24, will face a felony grand theft charge as soon as Monday, TMZ has claimed. L.A. District Attorney spokeswoman Jane Robison tells PEOPLE the report is unconfirmed.
The actress is accused of having walked away with a "one of a kind" necklace from a Venice, Calif., jewelry store on Jan. 22. But before police executed a search warrant on her home, the necklace was surrendered to a local LAPD station.
"Lindsay doesn't understand how the store can file a police report when they let her borrow the necklace," said a source close to the actress. "She's used to getting gifted items that are worth way more than that. And why would she steal a necklace? She has tons of jewelry and doesn't need anymore."
Lohan remains on probation and under random drug testing in her ongoing DUI case and faces a Feb. 25 progress review hearing.
She's also currently under investigation by Riverside County prosecutors for allegedly battering a Betty Ford Center employee.
In her DUI case alone, L.A. Superior Court Judge Elden Fox previously warned Lohan on Oct. 22 that any more slip-ups would be met with six months in jail.
With reporting by PERNILLA CEDENHEIM