According to Italian news agency ANSA, the businessman was fined 600,000 euros by a court in Cagliari on Tuesday after failing to pay the correct import duty on a yacht.
That has led to suggestions that the Football League may decide against giving the Cagliari owner the green light to complete a 75 per cent purchase of the Championship club, in line with their owners and directors' test.
The Football League responded by revealing that they are in regular contact with the 57-year-old's representatives, although they stressed that no decision has been made on whether his takeover will be allowed to proceed.
In a statement, they said: "The Football League has noted the outcome of the court hearing earlier today regarding Massimo Cellino.
"We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."
Cellino had denied that he was seeking to evade import duty on the yacht, with his lawyers telling The Guardian that they plan to appeal.
