According to the school's student magazine, University Press, Tracy believes the university is feeling pressure from its donors.
Tracy, who has remained defiant under media scrutiny over his comments, still clings to his right to free speech as a reason why FAU would be a bad school if it were to fire him.
"They're getting people calling them saying that this person shouldn't be teaching, he's an awful person, and what have you," Tracy told University Press.
"I don't know what there's going to be. I don't know if that would involve stripping me of my tenure and dismissing me or what. That's something that's ultimately for them to decide."
Tracy received national attention when he wrote a series of posts on his blog suggesting there might be more to the Sandy Hook massacre that the mainstream media was reporting.
"While it sounds like an outrageous claim," one of his posts says, "one is left to inquire whether the Sandy Hook shootings ever took place -- at least in the way law enforcement authorities and the nation's news media have described."
Many of his students have come to his defense, citing Tracy as a professor who helped open their eyes and minds. They also refer to him as something of a free-thinker, someone unafraid to ask questions and probe for the truth (something we took the liberty in blowing up).
For their part, FAU has not commented on the investigation, only telling University Press that it's a "personnel matter."
Now Tracy is not sure of his job status at the university.
"If they intend to fire me, ultimately, how good of an institution is it?" he says. "If they're not going to stand up for free speech and ideas and things of the like, then I'm not too sure I want to be here either."