Los Angeles County prosecutors said Wednesday that 39-year-old Ricardo Orozco is expected to get 32 months in prison under a plea deal.
He was accused of stealing the Rolex Submariner while working at the home of Christina Fulton in April.
Twenty-two-year-old Darwin Vela was previously arrested along with Orozco in a separate burglary at Fulton's home.
Vela disappeared at a time he was to testify against Orozco at a preliminary hearing in November, setting off a major search after his dog returned from a walk alone with a bloody leash.
Police later called the disappearance a hoax.
No charges were filed against Vela for the burglary or the hoax.