Championship side Sheffield Wednesday are under a transfer embargo and have been since April.
Chairman Dejphon Chansiri confirmed the Owls are subject to the temporary sanctions at a fans forum on Monday.
BBC Radio Sheffield understands the Hillsborough club are in dialogue with the English Football League.
Under the EFL's profitability and sustainability rules, clubs are not allowed to post losses in excess of £39m over three years without punishment.
The last available financial figures show The Owls lost more than £20m in 2016-17 - an increase of £15m on the previous year.