FA chief executive Martin Glenn, who admitted he felt “let down” by Allardyce, who was removed from his post on Tuesday after just 67 days and one game in charge.
That followed revelations he had used his position as a means of earning extra money and gave advice on how to get around FA rules on third-party player ownership.
Don Revie was found guilty of the same charge and banned from __football for 10 years by the FA in 1977 after conducting negotiations on a job with the UAE while still England manager – though it was overruled in court.
Glenn confirmed last night that Allardyce could be charged by the body that employed him and could face a lengthy ban from the game.
“It is realistic he could be charged,” said Glenn. “The newspaper that made the revelations are releasing the full transcripts to the police, which is what has to happen.
“Once we get full access to them we’ll pass them to our Integrity Unit. We’ve dealt with Sam as an employee. Sam’s role as a participant in the game will be part of this next process, if there is one.
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“The decision will be based on the merits of the evidence. Bringing the game into disrepute might be a possible charge.
“A potential sanction could range from a fine to a ban. That’s what history shows. But that is for a tribunal to decide.”
Glenn also admitted that as well as the police, Allardyce could also face questions on his tax affairs from HMRC over the issue.
He said: “It’s appropriate that the transcripts go to the police first, and HMRC could also be players in this if there is seen to be tax avoidance.”
Glenn, who was on the three-man panel which appointed Allardyce, added: “I do feel let down.
“The easy decision was to keep him and tough it out. I genuinely thought he was a really good choice and just what we needed.”