Greg Lynn applied for bail at Melbourne's Supreme Court last week, where his lawyers argued he should be released as the prosecution's case against him was weak.
The 59-year-old former pilot will learn his fate after he is brought to court on Thursday morning.
He is charged with the murder of Carol Clay, 73, who went missing from a remote campsite in Victoria's northeast in March 2020, alongside her friend Russell Hill, 74.
Prosecutors opposed Lynn's bail, arguing their case against Lynn was strong and he could not meet the high bar of having exceptional circumstances to permit release.
Prosecutor Mark Gibson KC alleged Ms Clay was shot in the head by a bullet from Lynn's gun.
Lynn continues to maintain his innocence, claiming the incident was accidental.
His barrister Dermot Dann KC argued Lynn should be freed on bail as the prosecution case was weak and had "particular problems".
He said it was accepted that his client did not pose an unacceptable risk to endangering the community, and claimed Lynn faced difficult conditions in custody as he awaited trial.
Any risk Lynn posed could be addressed by "stringent conditions" being applied to his bail, he said.Â
The accused killer's son Geordie put forward his "life savings" as a bail guarantor, and offered to accommodate Lynn at his home, the defence barrister said.
Justice David Beach will hand down his bail decision at 9.30am on Thursday.
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