The incident occurred in the 42nd minute of City’s 2-0 win at Molineux on Sunday, and images of the Ivorian appearing to flick a V-sign soon began doin the rounds on Twitter.
Toure, named in the Premier League Team of the Year at Sunday night’s PFA awards, has emerged into a vital component of Roberto Mancini’s team this season.
If the FA’s investigation decides Toure was gesturing directly towards the Wolves fans, City could be without one of their most important players for next week’s derby, because a clear precedent has already been set this season.
Liverpool’s Luis Suarez was slapped with a one-game ban and a £20,000 fine for giving a hand gesture to Fulham fans after he was abused from the stands at Craven Cottage.
Toure’s absence from Monday’s night’s showdown would infuriate Roberto Mancini ahead of what Sir Alex Ferguson called the “biggest ever derby” of his career.