"We have just become aware of the charges and are still gathering information at this point," Larry Dougherty, Temple's senior associate athletic director, said in a statement Monday afternoon.
Head coach Fran Dunphy did not return a call seeking comment.
According to Atlantic City Police, Wyatt was arrested at 1:01 a.m. Sunday near a hotel at Montpelier and Pacific Avenues after allegedly making an offer to pay for sex. Wyatt fled when he saw a uniformed officer and was apprehended about 50 yards away, police said.
Former Kennedy-Kenrick High School sports star Duane Alford Jr., 22, of Norristown, was also arrested and charged with engaging in prostitution.
According to police, undercover female police officers were utilized to pose as prostitutes. The operation was aimed at nabbing both females who "sell their services and the males looking to pay women for their services," a release said.
Wyatt was named to the all-Atlantic Ten Conference second team last season. He averaged 17.1 points per game, fourth in the conference.
During Temple's 24-8 campaign, Wyatt was kept out of the starting lineup three times for disciplinary reasons.
In December, he was late to a film study. In February, he showed up late to study hall. And in March, Wyatt was late to a team meeting.
Wyatt was suspended for Temple's season opener at Penn for playing in an unsanctioned summer league.
Following the March incident, Dunphy said, "He's really a good guy, and he does not have a malicious bone in his body. On occasion, he thinks his time is more important than everybody else's. So it puts the control in my hands, and I have to do something. I was hoping we wouldn't get to this point, but that's what happened."
Daily News staff writer Jason Nark contributed to this article.