The meeting allegedly took place between Russian officials and Gianluca Savoini, a close aide to deputy prime minister Matteo Salvini.
Those present reportedly discussed an oil deal that would enable funds to be transferred to the party.
Mr Salvini has denied the allegations.
He told reporters that the League party “never took a rouble, a euro, a dollar or a litre of financing vodka from Russia”.
Mr Savoini told Italian media on Thursday that he met a group of unnamed businessmen but also denies any wrongdoing.
Political parties are forbidden from accepting donations from foreign organisations under Italian law.
What did the media reports say?
On Wednesday, Buzzfeed published a transcript of an audio recording it had received where Mr Savoini can be heard discussing an oil deal.
The article stated that six men – three Russians, three Italians – gathered in the Metropol hotel to discuss the terms of the deal and can be heard alluding to the fact that such a deal is illegal under Italian law.
“We want to change Europe,” Mr Savoini is allegedly heard saying on the recording, which the BBC has not been able to independently verify.
Neither report was able to confirm if any deal went ahead after the alleged meeting.
What does the League party think of Russia?
Mr Salvini favours closer relations with Russia and has paid several visits to Moscow in recent years.
He has expressed admiration for President Putin and denounced EU sanctions on Russia on a number of occasions.
On a visit to Rome on 4 July, Mr Putin told the Corriere della Sera newspaper “Mr Salvini has a welcoming attitude towards our country”.
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