The former Drake & Josh star was arrested in Ohio last month and was charged with alleged attempted endangering of children and disseminating matter harmful to juveniles.
And although he initially pleaded not guilty to the charges, People magazine reported he agreed to a plea deal during a virtual court appearance.
The judge in Drake's case said at the hearing: "My understanding is there's been a plea agreement reached where the defendant will plead guilty to count one attempted endangering of children, a felony in the fourth degree [and] plead guilty to count two: disseminating matter harmful to juveniles, a misdemeanour in the first degree."
Drake was then told his attempted child endangerment charge carries a sentence of six to 18 months in prison in monthly increments and/or a fine of up to $5,000, while disseminating matter harmful to juveniles carries up to six months in jail and/or a fine of up to $1,000.
He continued: "However, if you go to prison, upon your release, you could be subjected to a discretionary period of three years post-release control.
"Post-release control could involve restrictions on your activities.
"If you were to violate those restrictions, you can be returned to prison, [for] up to a maximum of one half of your original sentence."
When he asked Drake if he understood the potential penalties, the 34-year-old actor said: "I do, Your Honour. Yes."
Drake will now need to attend a sentencing hearing on July 12, where he is also set to explain why he chose to accept a plea deal.
His lawyer, Ian Friedman said in a statement: "All questions about this case will be answered at sentencing, including why Mr Bell chose to enter his plea."
The actor was released from police custody after submitting a $2,500 bail bond, and agreed to not have contact with his alleged victim upon being released, and has been required to submit a DNA specimen.
The alleged incident reportedly took place on December 1, 2017, when he was scheduled to perform at a club in Cleveland, Ohio.
