FIFA's ethics committee are believed to have advised that FIFA president Sepp Blatter should be handed a 90-day provisional suspension.
The ethics committee met this week after the Swiss attorney general opened criminal proceedings against Blatter in relation to a £1.3m payment made to UEFA President Michel Platini.
Blatter has been accused of signing a contract which was "unfavourable" to football's governing body and making a "disloyal payment" to Platini. The contract in question is believed to be a 2005 TV rights deal between FIFA and former CONCAF president Jack Warner, who is facing criminal charges.
A final decision on Blatter's suspension will be made on Thursday by the head of FIFA's ethics adjudicatory chamber, Hans Joachim Eckhert.
A statement from Blatter's lawyers said that the 79-year-old had not yet been officially made aware of the committee's decision.
"We would expect that the ethics committee would want to hear from the president and his counsel, and conduct a thorough review of the evidence, before making any recommendation to take disciplinary action," the statement read.