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Shown on BBC One, and taking 22.9% of the total audience share, the programme identified at least three football agents who admitted givings 'bungs' or bribes to managers and club owners as part of transfer deals, and made other serious allegations against a number of Premiership figures.
The FA has said that it has already asked the BBC to provide all of the information it obtained during its investigation, "as a matter of urgency", and will speak to all those identified.
FA chief executive Brian Barwick said: "These are serious allegations which have been made by Panorama and we are determined to investigate them fully. It is vital for the integrity of the game and for every football supporter that we do this.
"We will work in close co-operation with the Premier League. As with any investigation, we will ensure that our inquiries are exhaustive and thorough. If we find evidence of corruption we will act on it. We recognise our responsibility."
The Premier League has also issued a statement saying that it takes all such allegations seriously, and has requested the BBC pass on their evidence itself and the FA, "in order to determine the most appropriate course of action that each body should take".
The BBC this afternoon said it would co-operate with requests relating to last night's Panorama from the relevant investigating authorities, "and will do so in line with our normal processes and procedures in cases of this kind".
Those named in the programme have all issued statements today saying they have done nothing wrong. The League Managers' Association has also said there is no substance to the Panorama investigation.
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