High State Security Prosecutor Hisham Badawi named the Egyptian as Mohamed Essam Ghoneim el-Attar, 26, a dual national who also holds Canadian citizenship.
The three Israelis were identified by the state news agency, MENA, as Daniel Levi, Kemal Kosba and Tuncay Bubay. Kosba and Bubay also hold dual Turkish citizenship, MENA said.
Two of the Israelis are in Canada and the third is in Turkey, Badawi said.
An unnamed official said Attar, a former student at Al-Azhar University,
was arrested January 1 after returning to Cairo from abroad.
Badawi said the Israelis had recruited Attar while he was living in Turkey in August 2001, and had assisted him in obtaining a residency permit in Canada under a fake name and found him work in a bank.
Attar was paid to spy on Egyptians and Arabs during his time in Turkey and Canada, and used his position in the bank to obtain information on specific accounts, Badawi added.
He was also expected to scout and approach potential recruits, according to Badawi, and was paid $65,000 between August 2001 and January 1, 2007, when he was arrested at Cairo airport entering Egypt for a family visit.
Badawi said Attar had been under investigation since January 2002.
Attar would stand trial before a High State Security Emergency court, Badawi added.
A message left with the Israeli Embassy in Cairo was not immediately returned and the Foreign Ministry said it had no knowledge of the matter.
"We only know what we have heard in the media. I am not aware of anything other than what has been reported," Foreign Ministry spokesman Mark Regev said.