The Commission meeting ended mid-afternoon after beginning first thing in the morning, but no outcome was to be announced on Monday night.
AFL.com.au understands lawyers for key parties were in negotiations with League headquarters on Monday night.
The investigation has dragged on for seven months, with legal representatives of chief executive Cameron Schwab, former football manager Chris Connolly and former coach Dean Bailey presented with the AFL investigators' report before Christmas.
But it now appears Schwab is likely to avoid sanction, with Connolly and Bailey possibly facing bans, and the club potentially facing a fine.
As talks between lawyers continue, it’s not entirely clear what the final sticking point of a likely negotiated outcome is.
Melbourne had forecast its preparedness to take the matter to the Supreme Court if it faced charges and had formed a club sub-committee to deal with the issue, while Bailey in particular has his own legal representation keen to protect his reputation.
Acting CEO Gillon McLachlan assumed responsibility for making a recommendation on the tanking investigation late last year after the resignation of Football Operations Manager Adrian Anderson in December.
Anderson instigated the full-scale investigation into Melbourne's 2009 season in early August 2012 after former player Brock McLean inferred that winning games had not been the club's No.1 priority in 2009 as it was more interested in qualifying for a priority pick.
Melbourne won just four games in 2009 and qualified for the extra pick. The priority pick rule has since been changed, with the AFL admitting the change was necessary to end perception that club's tanked to qualify for the pick.
