Although Knight reportedly counted Carter as a friend, prosecutors contended the collision was deliberate.
The incident, which was captured on surveillance video, took place following an argument over Straight Outta Compton, a biopic about the pioneering rap group NWA.
His most recent charges include murder, attempted murder, and hit-and-run after he fled the scene of an altercation outside of a Compton restaurant in 2015. Jury selection for his trial was scheduled to begin Monday. Sloan has denied he was carrying a gun during the confrontation. Attorneys for Knight have said that he was acting in self-defense and that Sloan was armed, which Sloan has denied.
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Several outlets confirmed that the infamous Hip Hop mogul was sentenced to 28 years after pleading no contest to voluntary manslaughter in the death of Terry Carter.
The agreement also absolves Knight in two other cases, both from 2014.
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.
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). 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.