A national newspaper has speculated Leeds United could face sanctions, but no wrong doing is yet proven.
A report in the Daily Star has speculated Leeds United could be hit with a points deduction.
The penalty is the strongest possible penalty if any FA charges are brought against the club.
The Star report Leeds are under investigation over third party payments in relation to transfers.
No wrong doing has yet been established and Leeds for now remain in the clear.
The Star's report claims the investigation is still ongoing but close to concluding, and there are varying penalties which could be imposed.
The report states: "If found guilty, Cellino could be banned from running the club and the Championship outfit hit with a hefty fine or even a points deduction."
Leeds were hit with a 15 point deduction by the Football League when in League One several seasons ago, and bounced back admirably, but it is not an experience they will want to repeat, especially if they remain in the bottom half of the Championship table.
The penalty is a worst case scenario and at this stage just speculation as Leeds have not been charged with any wrongdoing.
Supporters will hope whatever happens off the pitch, no sanctions are imposed which could negatively impact the team on it as they strive to climb back up the table.
Head coach Steve Evans would be particularly frustrated, as last season his Rotherham United side were docked three points for fielding an ineligible player, the BBC reported.