Otton, who retired from the Court of Appeal in 2001, has considerable experience of football arbitration matters, and chaired the hearing into the dispute over West Ham United's signing of Carlos Tevez and Javier Mascherano.
He was also responsible for the Premier League proceedings into allegations Chelsea made an illegal approach for England international Ashley Cole prior to the defender's transfer from Arsenal to Stamford Bridge.
Leeds declined to comment today when asked about reports of Otton's appointment.
The club have agreed to a confidential hearing with the Football League, who are being asked to defend and justify their points penalty.
Otton is said to have been joined on the panel by Peter Cadman, who has been involved in a number of previous Premier League disciplinary commissions, and former Premier League chief executive Peter Leaver.