Leicester have been charged with an alleged breach of the Premier League's Profit and Sustainability rules.
The alleged breach relates to the accounting period ending in the 2022-23 season, with the club referred to an independent commission.
Leicester, who are now in the Championship, were members of the Premier League when the alleged breach took place.
The Foxes have also been charged for allegedly failing to submit their audited financial accounts to the top flight.
In a statement, the Premier League said: 'The Premier League has today 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.