Rangers have been told that they could be stripped of any titles they may have won as a result of the club's use of Employee Benefit Trusts.
The crisis-hit club is currently in a state of boardroom turmoil after being plunged into administration in February.
Neil Doncaster, chief executive of the Scottish Premier League, has now declared that the Gers could face the prospect of losing some of their 54 league titles.
A disciplinary investigation will determine exactly which rules the Glasgow club have broken and may decide to prosecute with their findings.
"In any disciplinary investigation we must go through a chain of events," Doncaster told The Daily Record. "The lawyers investigate and bring a report back to the Board.
"If they think there's a case to answer, the Board must decide how to progress. They can hear it themselves, through a sub-committee or appoint an independent commission.
"If there's a case which is prosecuted, there could be sanctions if proven. These are unlimited according to the rules."
The club recently announced that they have began legal proceedings to appeal their 12-month transfer embargo.
