According to TMZ, Gucci pled guilty to possession of a firearm by a convicted felon on Tuesday. The charge carries a maximum sentence of 10 years, but Gucci received 39 months under the terms of his plea deal.
He will also receive 10 months credit for time served and is scheduled to be released in late 2016.
Gucci has been in an Atlanta jail since September after he was arrested for possessing a loaded handgun and marijuana.
He will officially be sentenced in July. In addition to jail time, he faces a fine of $250,000.