Leicester have been charged by the Premier League for alleged financial breaches in the 2023-24 campaign.
The case, which will be heard by an independent commission, relates to the club allegedly breaking profitability and sustainability rules (PSR) when they were in the Championship last season.
If found guilty the Foxes, who will play in the second tier again next term following relegation, could be handed a points deduction.
It means the midlands club are now involved in another legal battle with the Premier League, having earlier this season won an appeal that prevented the League from charging them for breaching PSR rules in 2022-23.
The Foxes claimed the Premier League did not have jurisdiction to charge them because they were competing in the Championship at the time.
The Premier League contested Leicester's successful appeal but a tribunal ruled in the club's favour, saying the League's challenge fell below the threshold set by the organising body itself.
The Premier League has since changed its rulebook to close the loophole and prevent similar cases in the future.
The conclusion of that case has allowed the Premier League to open new proceedings following alleged breaches for the 2023-24 season.
The club are also accused of failing to provide their annual accounts to the Premier League by 31 December 2024 and not offering "full, complete and prompt assistance" to the Premier League in response to the League's enquiries.
A Leicester statement read: "Consistent with its previous commitments, the club intends to engage cooperatively in this matter now that the Premier League's jurisdiction has been established for the period ending FY24.
"However, we will not be able to comment further on these proceedings until they are concluded, due to their confidential nature."
