The Daily Mail reported the Italian would be suspended from football for 18 months and both he and the club would be fined £250,000 after being found guilty of breaching Football Association regulations.
But Cellino once again protested his innocence in a statement released by the club on Wednesday evening.
“I am surprised to read the news regarding the FA’s intentions to ban and fine me, as well as fine the club,” he said.
“I am not guilty and I will take the right steps to defend myself through the tribunal.
“I feel that I am guilty of one thing, protecting Leeds United since I took charge of the club.
“I ask the players, manager and my staff to continue to work with loyalty and professionalism and to keep fighting for the club everyday on and off the pitch.
“I am sure that the public in this country and the free press will take the time to look into this case and find the truth.”