Shelton was arrested in Hollywood in April, after failing a field sobriety test.
Shelton, who played Wendy the lifeguard in "The Sandlot" -- will plead no contest to speed exhibition ... and the 2 DUI charges will be dismissed. Shelton will be fined $240 plus penalties. She will be placed on 24 months informal probation -- this according to her lawyer, Trent Copeland.
A judge will take the plea on June 21.