Wyatt, who was also charged with resisting arrest, is to appear Friday in Atlantic City municipal court, the Philadelphia Inquirer reported.
Wyatt, who was arrested at 1:01 a.m. Sunday, was among 28 people charged as part of a two-day prostitution sting. Undercover female officers posed as prostitutes, Atlantic City police said.
Wyatt was arrested after he offered to pay for sex while on the street and fled when he saw a uniformed officer but was caught about 50 yards away, police said.
In a statement, Wyatt said: "I apologize to my family, teammates, coaches and Temple University for the embarrassment that I have caused. I was in Atlantic City this past weekend celebrating my 21st birthday with friends and exercised very poor judgment by allowing myself and my friends to be put in a compromising situation. I intend to cooperate with the authorities during their investigation and the legal process."
Larry Dougherty, Temple's senior associate athletic director, said in a statement Monday, "We have just become aware of the charges and are still gathering information at this point."
Head coach Fran Dunphy did not return a call seeking comment, the Inquirer said.
Wyatt, who will be a senior in the coming school year, was named to the all-Atlantic 10 second team after averaging 17.1 points a game last season.
He was kept out of the starting lineup three times during the season for disciplinary reasons, the Inquirer said.