Leicester City is confronted with a huge points deduction for next season if it is found guilty of violating PSR rules.
The foxes were brought back to the championship after a gloomy Premier League campaign.
And they could start the 2024/25 season in the second catch -up.
The Premier League spent costs last week with a PSR infringement of more than £ 17 million for a period of three years.
According to the iPaper, Leicester could be hit with a minimum fine of 12 points if he is found guilty.
EFL guidelines state that 12 points should be moored for a PSR infringement.
Developments are then applied to a sliding scale if the infringement is less than £ 15 million.
The Prem is said to be set to claim that Leicester is moored more points after they did not submit on time last December.
A spokesperson said earlier this month: “After the decision of an arbitration pair with regard to jurisdiction, Leicester City FC has now been referred to an independent commission for alleged infringements.”
“The EFL championship profit and sustainability rules (P&S rules) for season 2023/24.
“The club's obligation to provide its annual accounts to the Premier League on December 31, 2024.
“And the club's obligation to offer full, complete and quick help to the Premier League in response to the questions of the competition.”
Both the Premier League and Leicester refused to comment on the outlet.
Leicester has announced that 11 players will leave the King Power this summer.
Vardy, 38, is linked to a shock -free transfer to Newcastle.
The former striker of England spent 13 years in Leicester and scored 200 goals in 500 games.
Vardy scored nine Prem objectives and gave four assists this season.
Since he has announced his departure from the club, he has also been connected to Crystal Palace, Wolves and Wrexham.