Qatar won the right to host the 2022 tournament back in 2010 after beating off rival bids from Australia, Japan, South Korea and the United States.
The Sunday Times has since claimed to be in receipt of "hundreds of millions" of documents which allegedly detail payments to FIFA officials from disgraced former FIFA executive committee member Mohamed Bin Hammam.
Qatar's 2022 World Cup bid committee have distanced themselves from the former Asian Football Confederation president and issued a statement dismissing the allegations of bribery in return for votes.
But Football Federation Australia chief executive David Gallop is refusing to rule out the possibility of Australia re-entering the race to host the World Cup should Qatar be stripped of the tournament.
"It's a serious development, they're serious allegations and we're looking to see what the response to that will be," Gallop said.
"It's too early to say whether that re-opens the door of anything that happened a few years ago in terms of Australia's position but it's a bit of a 'watch this space' at this stage."
Gallop added that their federation have already been involved in FIFA's ongoing integrity investigation which is being led by US lawyer and chief FIFA investigator Michael Garcia, who is due to meet Qatar 2022 World Cup bid chiefs on Monday.
"We've been heavily involved in this now for many months in terms of the investigation that Mr Garcia is carrying out," Gallop said.
"I'm sure when we're in Brazil for FIFA congress then we'll find out more information, but don't be under any illusion that we haven't been involved in all of this for some time now.
"We've been involved in interviews, production of documents and also following carefully what's been happening away from Australia. We've got people who've been involved for some time now."
An official from the South Korean Football Association added: "These are not confirmed facts as yet, and it would be premature to comment. Our position has not been decided."