The decision was handed down Friday, and the four-time All-Star could face up to six months in jail when he is sentenced Tuesday.
"Both Nikolai and the Oilers organization recognize the severity of what has transpired," Oilers general manager Steve Tambellini said in a statement. "We plan on meeting with Nikolai, his agent and the National Hockey League in the near future."
The 37-year-old played for Phoenix from 1996-99 and still has a home in Paradise Valley. He was pulled over in his Ferrari on Feb. 8, after the car was clocked at 70 mph in a 45 mph zone.
Police said an officer smelled alcohol and Khabibulin was arrested after a field sobriety test. He was booked into jail on DUI and excessive speed charges.
Khabibulin, who signed a four-year, $15 million deal with Edmonton last year, hasn't played since Nov. 16 because of a herniated disk in his back that required surgery in January.
Information from The Associated Press contributed to this report.