The 22-year-old, previously a suspect in U.S. teen Natalee Holloway's disappearance, confessed to the murder of the Peruvian woman late Monday, CNN reports. He could be charged as early as Tuesday and faces up to 35 years in prison.
The country does not have the death penalty or life sentences. According to CNN, Van der Sloot might have been influenced by Peru's practice of handing down lighter sentences in the case of confession.
Flores, 21, the daughter of race car driver and businessman Ricardo Flores, was found dead last Wednesday morning in a hotel room registered under Van der Sloot's name. Van der Sloot was arrested Thursday in Chile.
Officials have said there is "incriminating evidence" against him in the case. Footage from security cameras at the hotel shows Van der Sloot and his alleged victim entering the hotel room together, with the Dutchman later leaving alone.
Van der Sloot was arrested and charged with murder in the May 2005 disappearance of Holloway. Lacking evidence, police released him. He was re-arrested in November 2007 and charged with manslaughter but again set free.