A meeting of the FAI board is underway to decide the future of former CEO John Delaney.
It's expected he'll leave the association - but it's not clear if other board members will go as well.
The organisation says it is taking "urgent steps" to address governance and financial issues that have been raised.
Sport Ireland insists the FAI won't get its funding back while the controversy continues.
Sport Minister Shane Ross also says the government has deep concerns - and warned that the FAI could be denied infrastructural grants if the issues aren't addressed.
In a statement last night, the football association said: "The FAI is engaging with Sport Ireland on the composition of a new governance committee with additional independent members, and the appointment of an independent person to the committee of the board examining the current issues."
It also said that it's planning a "root and branch review".
The FAI also says it will respond to requests for information from the Oireachtas Sport Committee by close of business today.
There are reports that Mr Delaney - now executive vice president at the FAI - has offered his resignation to the board, and a formal decision is likely within the next 24 hours.
It follows controversy over Mr Delaney's refusal to answer questions at an Oireachtas committee last week about a €100,000 loan he gave the organisation in 2017.