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Knezevic pleaded guilty to war crimes before his appeals hearing on Monday.
A plea bargain agreement between the former policeman and the Bosnian prosecutor proposes that he should serve between 12 and 15 years in prison.
In the first instance verdict last year, Knezevic was found guilty, alongside two other former policeman, of having participated in the murders of about 200 Bosniak civilians at Koricanske Stijene on August 21, 1992.
He was sentenced to 23 years in jail, but before the appeals process, he decided to admit his guilt.
He has also agreed to reveal to the prosecution information about the crimes at Koricanske stijene, as well as about other incidents.
There will be a hearing to discuss the plea bargain on July 1.