Championship side Sheffield Wednesday are under a transfer embargo and have been since April.
Chairman Dejphon Chansiri confirmed the Owls are subject to the temporary sanctions at a fans forum on Monday.
BBC Radio Sheffield understands the Hillsborough club are in dialogue with the English Football League.
The Owls, who finished 15th in the second tier last season, started the new season with a 3-2 defeat at Wigan on Saturday.
Under the EFL's profitability and sustainability rules, clubs are not allowed to post losses in excess of £39m over three years without punishment.
The last available financial figures show the Owls lost more than £20m in 2016-17 - an increase of £15m on the previous year.
Thai businessman Chansiri took over the South Yorkshire club in March 2015 and said his aim was to get them be back in the Premier League in two years, to mark their 150th anniversary in 2017.
They reached the play-off final in 2015-16 and the semi-finals in 2016-17, losing to winners Hull City and Huddersfield Town.