Former English champions Nottingham Forest and Fulham also broke the rules and will be subject to transfer embargos for the rest of the season.
Bournemouth won the Championship last season to gain promotion to the Premier League for the first time.
"AFC Bournemouth is fully aware of the Football League's proposed financial sanction relating to financial fair play and is currently engaged in positive dialogue with the Football League to reach a satisfactory outcome," the club said.
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"The club will update supporters when an outcome has been reached and will not be making any further comment at this moment in time."
Details of the amount Bournemouth are likely to be fined have not been published but will be determined by how much they went over the threshold.
New financial rules in the Football League this season allow a maximum deviation of 13 million pounds.
(Reporting by Shravanth Vijayakumar in Bengaluru; Editing by Martyn Herman)
