Mr King (57) will meet Invercargill Mayor Tim Shadbolt, deputy mayor Neil Boniface and Cr Norman Elder today to discuss the incident.
Police were called a crash at the corner of Tay St and Elles Rd involving Mr King at 6.30pm on Friday, after which he recorded a breath-alcohol level of 584mcg.
"I have spent the weekend shocked and dismayed at what happened and thankful that no-one was seriously injured," Mr King said in a statement.
"I have apologised unreservedly to His Worship the Mayor and councillors for the embarrassment this will cause council and have given them a firm undertaking that such a situation will never happen again."
It is understood his late model Holden station wagon, negotiated as part of his council salary package, was one of two vehicles damaged in the accident.
The issue was likely to come before the courts later this month and "the matter is now in the hands of the justice system", Mr King said.
He was appointed chief executive in July 1986 and reappointed last year for a further five years.
