Both players were handed yellow cards by referee Tony Bates during Sunday's 1-1 draw at the City Ground after an exchange that sparked a mass melee in the second half.
An FA spokesman confirmed they were "looking into the incident", while it is understood any decision to charge one or both players hinges on whether the yellow cards were issued as a result of stamping offences or in response to the fracas that followed.
TV replays of the incident clearly showed Gunter stamping on Watt's foot, which incensed Simon Grayson, but Forest manager Billy Davies defended his player and claimed Watt had initially stood on Gunter.