Last week, the club promised to pay players who had not received salaries for several months. However, at a training camp in the Turkish resort of Antalya this week, players were unable to cash their cheques.
"We hope that everything will be resolved soon because the players are considering a boycott," club manager Samir Seliminski said.
Akademik, 12th in the standings and one point above the relegation zone, are due to meet high-flying Chernomorets Burgas on February 26 in their first match since the winter break and could face a heavy fine if they refuse to play.
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