‘Aftonbladet’ reports Ibrahimovic's joint-stock company Unknown AB owns 10% of betting agency Bethard.com, which could cost Ibra a fine or suspension.
Bethard's CEO Erik Skarp has confirmed Sportbladet that the striker still owns stokes in Bethard's sole shareholder Gameday Group PLC.
UEFA and FIFA rules apply to all competitions, from the World Cup qualifiers, played by Ibrahimovic with Sweden national team, to the Europa League, played by Milan.
The 39-year-old could receive a €100m fine or be suspended from activity linked to football for a maximum of three years, according to reports.
"We haven't discussed it with Zlatan. I don't think about possible sanctions, but I would like a little more clarity from FIFA regarding its regulations because there is ambiguity in how they should be interpreted," Swedish Soccer Federation General Secretary Hakan Sjostrand told Sportbladet.