He is accused of breaking FA rules 375 times between January 22, 2014, and March 18, 2017, which prohibit players from making bets or disclosing information that might be utilized for betting.
He was playing on loan for Swindon, Rotherham, Peterborough, and Scunthorpe at the time he was signed by Norwich City.
The deadline for Toffolo to reply is July 19.
It follows the eight-month suspension of Brentford and England striker Ivan Toney in May for violating 232 FA betting rules.
Toney, 27, lost out on a spot in Gareth Southgate’s 26-man team for the 2022 World Cup after being initially charged in November 2022.
However, due to a recognized gambling addiction, Toney’s suspension was shortened from 11 months to eight, and he won’t be permitted to play again until January 17, 2024.
Toffolo, 27, was acquired by Forest from Huddersfield Town last summer in a deal worth about £10 million that also featured Lewis O’Brien, a midfielder for the Terriers.
During the 2022–23 season, Toffolo played for the newly promoted team in 19 Premier League games.
On August 12 (12:30 BST), Forest will open the new season against Arsenal at Emirates Stadium.
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