Arsenal are also set to take legal action against Chelsea if they feel the punishment is too lenient, while the FA will open an inquiry into Cole's agent Jonathan Barnett once the verdict is announced.
Chelsea have insisted all along that they did not set up the meeting but are likely to accept a guilty verdict if Cole is also found guilty.
Cole, who returns today from England's our of America, is refusing to discuss terms on a new deal with Arsenal until the matter is closed.
