The star freshman is allowed to practice with the team but will not appear in games as the school applies to the NCAA for reinstatement.
Memphis and the NCAA have been in contact and are working toward a settlement, reports Gary Parrish of CBS Sports, who adds the biggest hurdle between the sides is the number of games Wiseman should sit out.
"The NCAA is fully aware of the unique nature and challenges in this particular case, and the University is confident that the NCAA will render a fair and equitable decision consistent with its mission," the school said in a statement.
The governing body previously deemed Wiseman to be "likely ineligible" because head coach Penny Hardaway acted as a booster when he gave $11,500 to Wiseman's family to help them move to Memphis from Nashville. The incident occurred before Hardaway took the Tigers' head coaching gig.
Wiseman was able to suit up for Memphis' past two games due to an emergency temporary restraining order obtained by the school. He averaged 19.7 points, 10.7 rebounds, and three blocks through three contests this season.
The McDonald's All-American is projected to be a candidate for the No. 1 pick in next year's NBA draft.