According to the Fayetteville Observer, he also will pay a $100,000 fine and remain on probation for 30 months as part of the plea agreement.
The 34-year-old Cameron resident was arrested in September 2009 and charged with multiple felony drug counts. Authorities say they found hundreds of Vicodin pills, anabolic steroids and powder cocaine.
Hardy was suspended by World Wrestling Entertainment in 2008 for a second violation of drug policy.
He was later reinstated and won the WWE's world heavyweight championship belt, but left the company in 2009. Until recently, he was one of the top stars in the Impact Wrestling company.