The Football Association (FA) is investigating allegations that England manager Sam Allardyce used his position to negotiate a £400,000 deal and offer advice on how to circumvent rules on transfers.

The Daily Telegraph has footage claiming to be from a meeting in August between Allardyce and two undercover reporters purporting to be from a Far East firm.

In the video, Allardyce explains to the two men how they might "get round" rules regarding third-party ownership of players, which was banned by FIFA last year and has been outlawed in England's top flight since 2008.

Allardyce used the example of Enner Valencia, a player he claims was owned by a third-party when he brought him to West Ham from Mexican club Pachuca in 2014.

"It's not a problem... we got Valencia in. He was third-party owned when we bought him from Mexico," Allardyce said, before acknowledging that his registration had to be purchased outright before moving to the Premier League.

The newspaper alleges that Allardyce reached an agreement worth £400,000 to represent the fictitious firm to Far East investors and be a keynote speaker at certain events, though he makes it clear than any arrangement would need FA clearance.

The 61-year-old is then claimed to have critised predecessor Roy Hodgson and his assistant Gary Neville for England's Euro 2016 exit to Iceland, while he brands the FA's expensive rebuilding of Wembley as "stupid".

Allardyce has yet to respond to the allegations, while FA chairman Greg Clarke says he wants all the information surrounding the issue to be assessed. An FA meeting is understood to be taking place on Tuesday.

"I want all the facts, to hear everything from everyone and make a judgement about what to do," Clarke told The Daily Mail.

"Natural justice requires us to get to the bottom of the issues before we make any decision. It is not appropriate to pre-judge the issue. With things like this you have to take a deep breath."

Allardyce took charge after Hodgson resigned in June following England's 2-1 loss to Iceland, and has managed only one competitive game to date - a 1-0 World Cup qualifying victory over Slovakia on September 4.