The image was apparently taken in 2009 when the batter was 20 years of age at a New Year's Eve Party.
In a statement, the club added: "Alex will be subject to the club's established disciplinary process and has indicated his willingness to participate in the investigation."
The photo was deemed offensive and in breach of ECB directive 3.3, about "acts or omission prejudicial to the interests of cricket or which may bring cricket/cricketers into disrepute".
Earlier, Griezmann posted a picture of himself on Twitter, captioned, "80's Party,'' where he donned a Harlem Globetrotters-like uniform, with a black painted body and an afro-style wig, goal.com reported.
The 34-year-old signs off as a T20 World Cup winner after returning to the international fold to be a part of England's winning squad last year in Australia.
ECB managing director Key suggests England return for Hales
In the wake of Ashton Kutcher's latest disaster, here's a look at some ads that were instantly -- and, in most cases, unsuprisingly -- deemed too controversial to be carried on television.
'Acting, by definition, is a portrayal of a character other than oneself.' 'If every role is to be played only by someone answering to that precise description, most professional actors -- of all ethnicities and genders -- would be out of a job,' observes Indira Kannan.
Every year in Bollywood brings its share of good and bad. 2019 did too. Sukanya Verma lists what we learned.
He played James Bond seven times. But the role Roger Moore most cherished was a different one.