Joel Brodsky said at a news conference Sunday that a bond between $500,000 and $1 million would be within the range set in other murder cases in Will County.
"We are ... going to attempt to get this excessive bond down to a reasonable level and see that Drew is given the same bond as anybody who's accused of a similar crime," Brodsky said.
Peterson remains jailed on charges of first-degree murder in the 2004 death of his third wife, Kathleen Savio. Peterson is a suspect in the 2007 disappearance of his fourth wife, Stacy.
If the bond is reduced to $500,000, Brodsky said he thinks Peterson would be able to pay it. Peterson would have to post 10 percent to go free while he awaits trial.
Later Sunday, Peterson's publicist said Brodsky visited Peterson that afternoon in the Will County Adult Detention Facility in Joliet.
"Drew understands the seriousness of the situation but he is in good spirits and has not lost his sense of humor," Brodsky said in the statement.
Peterson is being held in segregation at the facility, both because he's a former Bolingbrook police officer and because his case is high-profile, Brodsky said.
And given the case's high profile, he said he'll likely ask the judge to move the case out of Will County or to seat a jury from outside of northern Illinois.
He said he hasn't made the decision yet because trying the case among people who know Peterson has its advantages.
"On one hand, Drew has been serving the citizens of Will County for 30 years, he's been a part of the thin blue line that's kept them safe, and he's certainly a well-known member of the community," Brodsky said. "On the other hand, obviously we have to worry about all the tremendous amount of negative publicity that's been given to him."
Peterson is next due in court May 18.