Instead, prosecutors said, Walker will be put on probation as he works to pay off gambling debts of more than $750,000 owed to three casinos, the Las Vegas Sun reported Wednesday.
"Being put on probation, he'll have a court order to pay the restitution to the casinos," Deputy District Attorney Sam Bateman said.
Walker had pleaded not guilty to six counts of writing checks without sufficient funds with attempt to defraud in June 2010, before changing his plea Tuesday.
Attorneys entered the guilty plea on behalf of Walker, who was not in court Tuesday.
Walker, who won a championship in 2006 with the Miami Heat and was a three-time all-star for the Boston Celtics, last played in the NBA in 2008 with the Minnesota Timberwolves.
Walker now plays for the Idaho Stampede in the NBA Development League.