TMZ broke the news just days before his trial was scheduled to begin.
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.
Knight's attorneys have said he was acting in self-defence and was fleeing armed attackers when he ran over Carter and Sloan.
Mr Sloan has denied claims he was carrying a gun during the confrontation. He spoke only to answer a series of questions from Los Angeles Superior Court Judge Ronald Coen. A sentencing hearing was scheduled for October 4.
Knight, centre, turned himself in at the Los Angeles County Sheriff's department in 2015 in connection with the hit-and-run incident that left one man dead and another injured.
But at one point when asked by the judge if he understood his plea could lead to deportation were he not a US citizen, Knight joked: "Is ICE (Immigration and Customs Enforcement) gonna come and get me?" As presented, Knight will serve a total of twenty-eight years in prison.
Two other criminal cases against Knight will be dismissed at sentencing.
According to a report in outcome of Sound, he was also facing a second-degree robbery charge for a 2014 incident in which he and comedian Katt Williams were accused of stealing a paparazzi's camera. Surveillance video of the incident was said to have been ready to play had the case gone to trial.
Although Knight reportedly counted Carter as a friend, prosecutors contended the collision was deliberate. Knight fled the scene. The court now sees him as a repeat offender. With this plea, Knight will not be eligible for release until he is 81 years old.
Knight co-founded Death Row Records with the pioneering producer Dr Dre in the 1990s, but later declared bankruptcy and the company was sold at auction for $24m (£16.7m).
Suge's prior felony convictions also made this sentencing much harsher.
The agreement means prosecutors will recommend he serve 28 years behind bars.
Knight was previously sentenced to nine years in prison in 1997 after violating his probation stemming from an earlier assault charge. Shakur's slaying remains unsolved.