In addition to admitting guilt, the deferred prosecution offer requires completion of an education course about prostitution, 100 hours of community service, screening for sexually transmitted diseases and payment of court costs.
Mike Edmonson, spokesman for the Palm Beach State Attorney's Office, says that the plea deal is standard procedure for first-time offenders.
A spokesperson for Kraft has categorically denied that the 77-year-old billionaire had engaged in any illegal activity.
Kraft visited Orchids of Asia twice in late January, just before watching the Patriots play in Kansas City.
While Kraft is now facing a statutory maximum of one year in jail, if he were to have accepted the plea agreement, the misdemeanor charges would have been dropped.
One of the conditions for the charges to be dropped is that the men would have to concede that they would have been found guilty had their case gone to trial.
Cuse suspends Howard on eve of NCAA tourney
Baylor has big guards who are able to dominate the glass, while Syracuse has a big size advantage in the paint. The team will need even more from Tyus Battle , its leading scorer, without Howard in the lineup.
It is now unknown if Kraft or the other men will accept the deal.
Sources said that the two sides were continuing to negotiate and that Kraft had not rejected the deal outright.
The Wall Street Journal reported Tuesday afternoon that prosecutors offered to defer prosecution for Kraft and the two dozen other men arrested in the case, but any defendant who accepts the offer must admit that there is enough evidence to lead to a conviction at trial.
Kraft is scheduled to be arraigned March 28 in Palm Beach County, Fla.
News of the charges being dropped came the same day that a coalition of sexual exploitation and sex trafficking survivor networks wrote a letter calling on Goodell to investigate criminal charges against Kraft and if found to be true to strip him of ownership of the Super Bowl champions franchise, according to a letter released by the coalition on Tuesday.
A key component of the investigation is surveillance video footage, obtained by police during their investigation, that allegedly shows Kraft engaging in "graphic and damning" acts that constitute the criminal charges against him.