He could be charged with bringing the game into disrepute according to FA chief executive Martin Glenn.
Allardyce was axed on Tuesday after just 67 days and one game in charge after being filmed giving advice to undercover reporters on how to get around FA transfer rules.
Glenn confirmed last night that Allardyce could be charged over his controversial comments.
“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.
“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."
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