Sean Combs told his family "I'll be home soon" and "I love you" as he was escorted from the courtroom by US Marshals after being acquitted of the most serious charges in his federal trial.

Combs was, however, convicted on two counts of transportation to engage in prostitution.

Each count carries a maximum sentence of 10 years in prison but no mandatory minimum, opening the possibility Combs could walk free depending on the judge's decision. His sentencing has not yet been scheduled.

Following the verdict, Combs pumped his right fist in celebration, embraced his family and legal team, and mouthed "Thank you. Thank you," to the jury, according to The New York Times.

He also reportedly smiled and placed his hands together in prayer.

Marc Agnifilo, Combs' lead attorney, immediately urged Judge Arun Subramanian to release his client ahead of sentencing, pointing out Combs had been acquitted of the most serious charges.

"Mr Combs has been given his life by this jury," Agnifilo said. "He would be nothing short of a fool to breach his terms of any bail conditions."

The defence proposed Combs be allowed to return to his home in Miami, Florida, under strict conditions, including a $1million bond.

Lead US Attorney Maurene Comey opposed the request, citing legal standards requiring a person found guilty to remain in custody unless a judge determines they are neither a flight risk nor a danger to the community.

"A person found guilty shall be detained until the judicial officer finds he is not likely to flee or be a danger," Comey said.

The judge had been expected to issue a decision at 1pm EST on Tuesday, but the hearing was delayed until 5pm.

As he exited the courtroom, Combs shouted "Dream Team" toward his defence counsel.

Outside the courthouse, supporters of Combs marked the moment by pouring baby oil on each other in celebration.