Maryland plans to appeal to ruling, the newspaper reported.
An All-Atlantic 10 rookie selection last season, the 6-foot-5 Wells was expelled from Xavier as a result of sexual assault charges that were rejected earlier this year by a grand jury.
As Maryland fights the NCAA's ruling, one of two scenarios will play out -- the Terrapins will win his appeal and Wells will become immediately eligible, or he will have to sit out this season.
"I'm just waiting to see what's going to happen," Wells said recently, according to the paper. "The anticipation does kind of build up. You kind of get like anxiety a little bit."
Before his dismissal, Wells was Xavier's top returning scorer at 9.8 points and 4.9 rebounds a game. He started 32 games as a freshman for the Musketeers.
ESPN.com's Dave Telep contributed to this report.