The England international faces a three-game ban after he appeared to elbow Watford's Valon Behrami in the second half of the Foxes' 2-1 defeat at Vicarage Road on Saturday.
Referee Neil Swarbrick took no action during the game, but the FA, having been alerted to the footage after it ran on social media on Sunday, has acted after viewing the video.
If banned for the alleged 67th minute incident the 26-year-old would miss matches against Middlesbrough, Sunderland and Manchester City, starting with the visit of Boro to the King Power Stadium on Saturday.
It would be another blow in Leicester's faltering Premier League season with the defending champions just two points above the relegation zone following defeat at Watford, their sixth of the season.
But Drinkwater did help them to a 2-1 Champions League win over Club Brugge on Tuesday which booked the Foxes' place in the last 16 with a game to spare.
He has started every game in every competition this campaign and, if suspended, Leicester boss Claudio Ranieri will be left short in midfield with Nampalys Mendy struggling to overcome an ankle injury.
The Italian would have just Andy King and Daniel Amartey as available central midfielders while defenders Robert Huth and Danny Simpson are one caution away from bans.