Hide, 42, was arrested earlier this year after being caught up in a sting organised by a the Sun newspaper, and had previously denied the charge, telling the BBC that the story was "manufactured" and he was a "vulnerable" target.
However, at the start of his trial at Norwich Crown Court on Tuesday, he changed his plea from not guilty to guilty.
Hide was granted bail with conditions, including that he reports to police in Norwich every day, and is due to be sentenced on 29 November. The judge warned him he faced two years in prison.
After the hearing, a Sun spokesman said: "We are pleased that Mr Hide has admitted conspiring to supply cocaine. The Sun's investigation into Hide was public interest journalism at its best that exposed the dealing of class A drugs."
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