Allardyce is expected to be charged with bringing the game into disrepute by the FA after they have studied the transcripts from the Telegraph sting.
FA chief executive Martin Glenn said: “It is realistic he could be charged.
“It could range from a fine to a ban. That’s what the history shows. That’s for a tribunal to decide.”
Ex-England chief Don Revie was banned from football for life after he walked out on the country to coach the UAE in 1977.
Although a High Court later overturned that decision, sacked Three Lions coach Allardyce faces similar charges over his conduct.
Glenn said: “The Telegraph are releasing the full transcripts to the police, which is what has to happen, and 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.
“It’s not for me to call. The decision will be based on the merits of the evidence. You could guess that bringing the game into disrepute might be a possible charge.”
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In fresh revelations from the Telegraph undercover operation, Harry Redknapp admitted he found out his players bet on a match in which they played — in contravention of FA rules.
Redknapp is filmed saying: “At half-time I took (a player) off and put, erm, (another player on) and they’re all looking at me, all the lads, because I didn’t know they’d had a bet, because they was all choked, they’d all had a spread bet and everything.”
FA rules forbid players from betting on games in which they are involved and managers are expected to report such misconduct as soon as they hear of it.
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