The Football Association of England want FIFA to clarify which rules did Arsenal breaky exactly before proceeding with an internal investigation into the North London club's financial dealings with KSK Beveren.
FA spokesman Mark Hooper said: "We will await clarification on whether the allegations breach Fifa rules."
According to Premier League rules, clubs are not allowed to engage in financial loan payments or own shares in other clubs but these rules do not apply to clubs outside of England.
Beveren club spokesman Dirk Dobbeleir said: "We have nothing to fear.
"A joint venture agreement has been made between Arsenal and Beveren but the police said everything was in order and there was no case to answer.
"We don't know why the media suddenly made so much of the matter though probably because the name Arsenal made it newsworthy."
FIFA communications director Markus Siegler said: "According to the structure of rules which are in place, the FA have to look into the matter.
"Fifa are interested in all cases around the world but individual members must run football in their country.
"They must take responsibility for their members so absolutely this is a case for the FA to deal with."
Arsenal have denied any wrongdoing.
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