Bristol Rovers say the FA and the Football League will probe claims that Wycombe breached third-party ownership rules.
Rovers were relegated to the Conference on the final day of last season but believe Wanderers, who stayed up on goal difference, should be docked points.
Wycombe have since been fined £10,000 after they admitted breaking FA regulations during the sale of Matt Phillips to Blackpool in the summer of 2010.
And Rovers claim the serious breach in the Phillips deal and "possibly other players" gave Wycombe an unfair advantage over them last term and want to be reinstated to League Two at their expense.
A club statement read: "Bristol Rovers FC has received responses from both the Football League and the FA to its allegations concerning the competitive advantage Wycombe Wanderers obtained from breaching third party investment regulations.
"Both the FA and the Football League have indicated they take the allegations seriously and shall be investigating them without further delay. Wycombe Wanderers FC have failed to respond.
"The allegations relate to payments made and agreements in existence during the last season in which Bristol Rovers was relegated on goal difference.
"The club reserves all its rights following the investigations under way by the FA and the Football League."
Wycombe said on Wednesday they are "fully confident that there is no case to answer".