The Premier League is set to notify Everton and Nottingham Forest of potential breaches of profitability and sustainability regulations (PSR), raising the possibility of a points deduction.
The clubs will receive formal notification on Monday, January 15 and may face referral to an independent commission.
If found guilty, penalties could include fines or points deductions.
Premier League clubs are allowed to incur a maximum loss of £105m over a three-year period, equating to £35m per season.
Everton has already faced a 10-point deduction this season for an unrelated breach regarding the 2021-22 season.