Chief executive Brian Barwick has announced that the Football Association will hold a formal investigation into the allegations made in the BBC's Panorama documentary about corruption in the game.
The FA has asked the BBC to hand over all the evidence collected during the making of the programme, and every agent, manager and club accused of breaking the rules will be investigated.
Barwick said: "These are serious allegations which have been made by Panorama and we are determined to investigate them fully.
"It is vital for the integrity of the game and for every football supporter that we do this.
"We will work in close co-operation with the Premier League. As with any investigation, we will ensure that our inquiries are exhaustive and thorough.
"If we find evidence of corruption we will act on it. We recognise our responsibility."
The FA will investigate the allegations involving illegal payments made against Bolton Wanderers manager Sam Allardyce, Newcastle United assistant boss Kevin Bond and agents Craig Allardyce, Charles Collymore and Peter Harrison.
The governing body will then join forces with the Premier League to look into claims that Portsmouth manager Harry Redknapp, Chelsea's head of development Frank Arnesen, Liverpool and Newcastle United were guilty of making illegal approaches.
The joint investigation will also examine the transfers that took Hidetoshi Nakata, Tal Ben-Haim and Ali Al-Habsi to Bolton Wanderers.