Hulk Hogan's son Nick Bollea will either plead guilty or no contest on Friday to felony reckless driving involving serious bodily injury, law enforcement sources told TMZ.

Hogan and the rest of Bollea's family will be in Pinellas County court in Florida on Friday, the Web site reported.

In March, attorneys for John Graziano, the critically injured victim of a street racing crash involving Bollea, filed a lawsuit accusing Bollea and his parents of negligence.

The lawsuit cites one count of negligence against Nick Bollea, three counts of negligence against Hogan, one against Linda Bollea (Bollea's mother) and a final count against Daniel Jacobs, the driver of the Dodge Viper that Bollea was racing.

Clearwater police said the Aug. 26, 2007, incident happened when Bollea crashed his 1998 Toyota Supra while street racing against a silver Dodge Viper driven by Jacobs. A report said Bollea was driving faster than 60 mph in a 40 mph zone.

Bollea's passenger, Graziano — a 22-year-old Marine who served in Iraq — was not wearing a seat belt and was critically injured. Bollea, 17, who was wearing a seat belt, was not seriously injured.

Graziano suffered serious head wounds, was left in a semiconscious state and his family says he will require medical care for the rest of his life. An attorney said millions of dollars will be sought.

The Graziano family is claiming in the lawsuit that Hogan and Linda Bollea should have known that their son was a reckless driver, and were also aware that their son was drinking on the day of the crash.

In November, Bollea's license was suspended for six months for allegedly having a blood alcohol level of 0.055 percent as a minor at the time of the accident. He was also clocked in April 2007 driving 106 mph.

Besides the reckless driving charge, authorities cited Bollea for using a motor vehicle in commission of a felony, being a driver under 21 operating a vehicle with a blood-alcohol level of 0.02 percent or higher and having illegal window tinting.

The blood-alcohol level at which Florida law presumes an adult driver to be impaired is 0.08 percent.

The Associated Press contributed to this report.

Click here for the TMZ report