Dank's legal representatives Cambridge Law released a statement on Sunday night saying it was in the process of preparing statements of claim against media outlets in several states.
"Multiple proceedings for defamation, injurious falsehood and financial loss are being brought in the NSW Supreme Court against the media on behalf of Mr Stephen Dank, Mr Ed Van Spanje, Mr Adam Van Spanje, Mr Zaheer Azmi and the Rejuvenation Clinic Bondi Junction," said in the statement titled "Defamation Claims For Ten Million Dollars".
"Mr Raed Rahal of Cambridge Law Solicitors has been instructed to brief leading defamation barristers Mr Clive Evatt and Mr Gregory Stanton.
"The claims arise out of false allegations in the media that the plaintiffs have sold illegal drugs to sportspeople."
Stanton said this week his client had been unfairly portrayed as the villain after the Australian Crime Commission (ACC) on Thursday released a report confirming the widespread use of illegal drugs in Australian sport.
A day before the ACC released its findings, AFL club Essendon threw itself at the mercy of the Australian Sports Anti-Doping Authority and the AFL's integrity unit after revealing concerns over supplements supplied to their players.
Dank worked with the Bombers in 2012, while he had previously been employed with a number of other sporting organisations including NRL club Manly from 2006-10.
Stanton told AAP on Sunday a statement of claims would be issued soon but would not specify which media outlets were being targeted.
"The media outlets that have broadcast certain matters, I think, would not be surprised when they're served with statements of claim alleging defamation and injurious falsehood etc," Stanton said.
Dank on Friday conducted an interview to be aired on the ABC's 7:30 program on Monday, with Stanton adamant his client would protest his innocence.