The Death Row Records co-founder entered the plea in Los Angeles Superior Court and has agreed to serve 28 years in prison.
Knight's attorney, Al DeBlanc, first contacted the Los Angeles County district attorney's office about a possible plea deal on Wednesday, according to Lillian Carter, the widow of victim Terry Carter. A sentencing hearing was scheduled for October 4.
Under the sentencing guidelines, Knight would receive the high-term of 11 years in prison for the voluntary manslaughter count, which would double because he has a prior conviction under California's three strikes law.More news: Nintendo Switch games just got a huge advantage for multi-console owners
Carter was ran over when Suge Knight tried to speed out of the parking lot at Tam's Burgers in Compton where a portion of the movie was being shot. The SUV then speeds forward, driving over Sloan, then hitting and driving over another man, 55-year-old Terry Carter, who later died.
Knight, who was out on bail in a robbery case at the time, fled the scene but was later arrested.
As part of the agreement, Knight has also been absolved in two other cases from 2014.More news: Trump to Spain: Build a wall to keep out asylum seekers
Knight founded Death Row Records, once the well-known home of N.W.A. member Dr. Dre, as well as Tupac Shakur and Snoop Dogg. While leaving the set, Knight hit Sloan and ran over Carter. Knight lost control of the company after it was forced into bankruptcy. He pleaded no contest in 1995 and was sentenced to five years' probation for assaulting two rap entertainers at a Hollywood recording studio in 1992.
Knight was the one driving the auto the night that Shakur was murdered in a drive-by shooting in 1996.
Suge Knight was facing life in prison if convicted for the murder, but after having some time to think about the mountain of legal troubles he found himself in, he made a decision to give up fighting.More news: Massive 1,000ft spider web appeared overnight in Greece