The AP reports that Knight pleaded no contest to a charge of voluntary manslaughter in the case, which was part of a plea deal he struck with prosecutors.
In pleading no contest, equivalent to a guilty plea under California law, the 53-year-old co-founder of influential hip-hop label Death Row Records admitted using a "deadly and risky weapon" when he ran down two men with his pickup truck.
Fifty-five-year-old Terry Carter was killed, while another man, CleBone Sloan, survived his injuries.
Under the plea deal, he is set to be sentenced to 28 years in state prison on 4 October.
The former rap mogul has pleaded no contest to voluntary manslaughter.
Knight fled the scene, but the incident was captured on surveillance video.
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Knight's attorney, Al DeBlanc, first contacted the Los Angeles County district attorney's office about a possible plea deal Wednesday, according to Lillian Carter, the victim's wife.
Knight, who was incarcerated at the time, was named by police a few years later as a suspect in the Wallace slaying but was never charged.
By accepting the 28 years, other pending charges against Knight will be dismissed.
Death Row Records was founded by Knight in 1991, and rose to prominence with the release of definitive early records from Dr. Dre, Snoop Dogg and Tupac Shakur.
Suge's prior felony convictions also made this sentencing much harsher. In 1997, he was sentenced to jail for violating that probation after participating in an altercation in Las Vegas that culminated hours later in the fatal shooting of Tupac Shakur while he rode in Knight's vehicle.
Prosecutors said Knight was upset over not being paid for the use of his likeness in the film.