He was among seven soccer officials taken into custody in a dawn raid on a Zurich luxury hotel in May 2015.
Prosecutors allege Li and others engaged in schemes involving more than $US200 million ($A264 million) in bribes and kickbacks that were sought and received by soccer officials for marketing and broadcasting rights to tournaments and matches.
Seventeen people and two sports marketing companies have pleaded guilty.
In court on Friday, Li said he agreed to accept a $US500,000 bribe, of which $US300,000 ($A395,400) he actually received, to award a Miami-based unit of Brazilian sports marketing firm Traffic Group media and marketing rights for 2022 World Cup qualifier matches.
He also accepted bribes from someone in Florida in connection with friendly matches he organised, and embezzled $US90,000 ($NZ125,650) meant to support the 2014 Under 17 FIFA Women's World Cup soccer tournament in Costa Rica.
- AAP