Sam Allardyce could be banned over the revelations that led to his exit as England manager, Football Association chief executive Martin Glenn says.
Allardyce left his role after the Daily Telegraph claimed he told undercover reporters posing as businessmen how to "get around" player transfer rules.
The FA is awaiting the newspaper's full transcript before deciding what action, if any, to take against Allardyce.
Glenn said punishments "could range from a fine to a ban".
Asked if a charge was likely, he replied: "It is realistic. It's not for me to call but once the evidence is clear, the decision will be based on the merits of the evidence.
"We've treated Sam as an employee. Sam's role as a participant in the game will then be, potentially, part of this next process, if there is one."
The Telegraph are releasing full transcripts of their investigation, which covers alleged corruption across English football, to the police.
Allardyce made a "whole-hearted apology" as he left his post by mutual agreement on 27 September - just 67 days after taking charge.
Glenn said he felt "let down" by Allardyce and letting him go was not an easy decision.
"I genuinely think, for football reasons, he was a really good choice," he said.
"My instinct was to say: 'Let's look at it but let's see if we can find a way of making it work.' But as the events unfolded and in the cold light of day, [we judged] that it was going to be a compromise to the FA."