The provisional suspension, which still needs to be ratified by the ethics adjudicatory chamber, comes after the Swiss attorney general opened criminal proceedings against Blatter last month.
Blatter, 79, is accused of signing a contract "unfavorable" to football's governing body and making a "disloyal payment" to UEFA president Michel Platini, BBC Sport reports.
Blatter, who has headed FIFA since 1998, and Platini, who aims to succeed him, denies any wrongdoing.
A final decision is likely to be made on Thursday by Hans Joachim Eckhert, the head of FIFA's ethics adjudicatory chamber.
"What we know is that president Blatter was told he could be suspended for 90 days. The ethics committee has not taken any key decisions, they are waiting for further investigations. There is no guilt impugned," Stöhlker told the Guardian.
"They put the ball to [attorney general] Mr. Lauber in Switzerland. He is now in position for further investigation. At least president Blatter has not flown away from his throne but is still in power. It's a very difficult situation. It's not good for global football."
Blatter's adviser Klauss Stohlker told BBC Sport: "The news was communicated to the president this afternoon. He is calm. Remember he is the father of the ethics committee.
"This is provisional for 90 days but he is not actually suspended. The committee has not yet made a decision and their meetings continue."
On Wednesday, Blatter told a German magazine that he was being "condemned without there being any evidence for wrongdoing."
Blatter won a fifth consecutive FIFA presidential election in May. But a short time later, following an avalanche of corruption allegations, he promised to step down in February.
