The Guardian believes an announcement will be made on Monday evening or Tuesday morning with a 10-point penalty set to follow.
Such a punishment would put the Fratton Park side level on points with Nottingham Forest towards the bottom of the Championship, the Reds inferior goal difference keeping them in the drop zone ahead of a full midweek card.
***Update***
"We have made an application for an administration order today," Portsmouth chief executive David Lampitt told BBC Radio Solent on Monday, with Friday the day that the order is set to be heard and the club placed into administration.