After the Swiss attorney general opened criminal proceedings against Blatter, 79, last month members of Fifa's ethics committee met this week and BBC reported Wednesday evening that Blatter has received a provisional suspension for 90 days.
Blatter is reportedly accused of signing a contract "unfavourable" to football's governing body and making a "disloyal payment" to Uefa president Michel Platini, 60.
BBC says Blatter, who has run Fifa since 1998, and Platini, who wants to succeed him, deny any wrongdoing. A final decision is likely to be made on Thursday by Hans Joachim Eckhert, the head of Fifa's ethics adjudicatory chamber, according to reports.
Blatter's adviser Klauss Stohlker told BBC Sport: "The news was communicated to the president this afternoon. He is calm. Remember he is the father of the ethics committee."This is provisional for 90 days but he is not actually suspended. The committee has not yet made a decision and their meetings continue."
On Wednesday, Blatter told a German magazine that he was being "condemned without there being any evidence for wrongdoing".