According to a report in the Daily Mirror, five players from Crewe United have been suspended.
The match in question is Crewe's Irish Cup sixth round tie at Warrenpoint Town which they lost 5-0.
It is alleged there were attempts to bet large sums on more than four goals being scored in the game.
Crewe, who play in the Mid-Ulster League, said they suspended the five players as soon as the IFA informed them of the investigation.
Reaching the sixth round of the senior competition was seen as a significant achievement for the club from Glenavy near Lisburn.
The team, managed by former Northern Ireland international Peter Kennedy, won five matches to get to the last 16 stage of Northern Ireland's premier cup event.
There has been no suggestion that anyone from Warrenpoint was involved in any wrongdoing.
The IFA said on Wednesday: "Following allegations of inappropriate betting by registered players of Crewe United around the club's Irish Cup sixth round match against Warrenpoint Town, an investigation was carried out by the Irish FA's Security and Integrity Department.
"A case report has been prepared and has now been submitted to the Association's Disciplinary Committee who will consider it at their next meeting on Wednesday, 8 March. "
The Irish Football Association says it is investigating allegations of match fixing in a cup match earlier this month.