That would mean an automatic 12-point deduction for the Rams which will be applied once the EFL receive confirmation of Derby’s decision.
If the deduction was applied tonight Derby would drop from 16th to bottom in the Championship table. They would drop to -5 points, 6 points behind current bottom club Nottingham Forest and 9 points behind Posh who are currently next-to-bottom.
Derby are also facing a nine-point deduction for alleged accounting breaches.
Derby host Stoke City tomorrow when managerless Forest visit Huddersfield and Posh host Birmingham City.
Former Swansea boss Steve Cooper is the odds on favourite to become the next Forest manager.