Ipswich Town striker Michael Chopra, Nottingham Forest midfielder James Coppinger and former Manchester United and England U21 Mark Wilson have been charged by the British Horseracing Authority along with jockey Andrew Hefferenen.
The three players and jockey are charged with conspiring to “commit a corrupt or fraudulent practice” relating to horseracing rules.
Chopra, Coppinger and Wilson face are alleged to have taken part in a race fixing operation involving five others.
Heffernen who now lives in Australia has been charged with five breaches of BHA rules relating to stopping a horse, accepting a bribe and misusing inside information.
If found guilty the players will face a ban from racecourses and any involvement with horse racing, including talking to people licensed by the BHA.
The English Football Association say they are aware of the allegations but are unlikely to take any action until the BHA releases its findings, though the players may be open to sanctions from their clubs.
Chopra has said previously that he has lost more than £1m gambling and has spent time in the Sporting Chance clinic last year to tackle his gambling addiction.
Ipswich paid a lump of his gambling debts when he signed for the club last summer summer and pay a portion of his wages directly to people he owes money to.
Heffernan is thought to have been stood down from riding duties by the Australian racing authorities.