Zlatan Ibrahimovic is the subject of a UEFA investigation for "having an alleged financial interest in a betting company".
Reports in Sweden emerged two weeks ago that the 39-year-old AC Milan striker could be facing a three-year ban - which would effectively end his career - for his partnership with a Malta-based betting company.
A statement from UEFA on Monday read: "In accordance with Article 31(4) of the UEFA Disciplinary Regulations (DR), a UEFA Ethics and Disciplinary Inspector has today been appointed to conduct a disciplinary investigation regarding a potential violation of the UEFA Disciplinary Regulations by Mr. Zlatan Ibrahimovic for having an alleged financial interest in a betting company.
"Further information regarding this matter will be made available in due course."
If found to be guilty, Ibrahimovic would be in violation of Article 12 (2) of the UEFA Disciplinary Regulations.
The rules refer to any individual who "participates directly or indirectly in betting or similar activities relating to competition matches or who has a direct or indirect financial interest in such activities".
Ibrahimovic was announced as an ambassador for Bethard in March 2018.
In a statement on the company's website, Ibrahimovic said: "I have obviously been intensively courted by betting companies throughout my career, but up until now I have not been presented to anything that has triggered me.
"With Bethard, there was something different. It's a company with Swedish roots, the founders are from my home town and they are true challengers who really wants to do things differently".
The former Manchester United striker, who returned to the Serie A club for a second spell in 2020, signed a contract extension with Milan until the end of next season earlier this month.