Holloway fielded an almost completely remodelled starting line-up, which lost out to James Collins' late header, ahead of the newly-promoted side's clash with bottom club West Ham at the weekend.
It is understood that the Premier League will write to Blackpool later this week before deciding what action to take.
The Premier League set a precedent last year when Wolves were given a suspended ¦pound;25,000 fine after manager Mick McCarthy made 10 changes to his side to face Manchester United.
But, while McCarthy admitted he made the alterations in order to give his team the best chance of beating Burnley in the next game, Holloway insisted his side was not weakened and that he had no choice because of the club's busy schedule.
Asked what he would do if the Premier League impose the same punishment on his club, an angry Holloway said: "I'd pack in. I can't work for this madness. I would resign. They do not know what they're talking about."
Blackpool played West Brom last Monday and Everton on Saturday, and yesterday's match is followed by this Saturday's trip to London to face West Ham.
Source: PA