The Premier League has charged Leicester City over an alleged breach of the league's Profitability and Sustainability Rules (PSR).
Leicester, currently second in the Sky Bet Championship on goal difference, but with a game in hand on leaders Leeds - could face a points deduction, but not this season, if found to have broken the financial regulations.
A Premier League statement read: "The Premier League has today (March 21) referred Leicester City FC to an independent Commission for an alleged breach of Profitability and Sustainability Rules (PSRs) and for failing to submit their audited financial accounts to the League.
"The alleged breach relates to the assessment period ending season 2022/23, when the club was a member of the Premier League.
"Leicester City were relegated to the EFL Championship prior to the introduction of the Premier League's new Standard Directions, which prescribe a timeline within which PSR cases should be heard.
"Therefore, the proceedings will be conducted in accordance with a timetable to be set by the independent Commission, and its final decision will be published on the Premier League's website."
Leicester were relegated last season, two years after winning the FA Cup and achieving the second of successive fifth-placed finishes.
The Championship promotion chasers also face potential punishment from the English Football League relating to the period that includes this season.
If found guilty, that could be a fine or a points penalty.