Channel Two News reported that the assailant was a Palestinian, Omar al-Abed, 20, from the village of Kobar, near Ramallah in the central West Bank.
Israel's imposition of metal detectors on the site this week triggered protests that left at least three Palestinians dead and hundreds wounded.
The attack follows clashes between Palestinians and Israeli security forces over the Israeli government's decision to keep in place indefinitely metal detectors at the entrance to the Temple Mount.
Palestinian President Mahmoud Abbas, meanwhile, announced he was suspending contact with Israel on "all levels", dealing a blow to recent U.S. attempts to renew the long-dormant Israeli-Palestinian peace talks.
Muslim leaders and Palestinian political factions have urged the faithful to gather for a "day of rage" against the new security policies, which they see as changing delicate agreements that have governed the holy site for decades.
Maryam Mirzakhani, world-renowned math genius and Stanford professor, dies at 40
Mirzakhani was lauded for her outstanding contributions to the dynamics and geometry of Riemann surfaces and their moduli spaces. Four years later, she received the Fields Medal , which is considered the mathematics equivalent of the Nobel Prize .
The deadly attack took place after three Palestinians were killed by Israelis during violent clashes on Friday. The Palestinian Red Crescent said around 450 people were injured in the chaos, largely from rubber bullets and tear gas inhalation.
The Associated Press said including Friday's violence, "Palestinians have killed 47 Israelis, two visiting Americans and a British tourist in stabbings, shootings and car-ramming attacks against civilians and soldiers".
Palestinian protesters clashed with police at the Temple Mount in Jerusalem's Old City.
Israeli forces are bracing for potential violence.
Israel is set to replace metal detectors with handheld ones at the gates of Al-Aqsa compound amid rising tension, Israeli TV claimed on Saturday.
The al-Aqsa Mosque compound is a flashpoint Islamic site, which is also holy to Jews.