Investigators with the Dallas Police Department asked the district attorney to file misdemeanor deadly conduct charges against Officers Randy Anderson and Paul Loughridge, the Dallas Morning News reported.
Both officers were placed on administrative leave following the Dec. 27 incident, in which they allegedly threatened and assaulted Holy and his friend, Walter McRae, while drinking and playing foosball at Holy's home.
Holy and McRae met the two off-duty cops earlier in the evening at a bar.
The confrontation reportedly took place after the officers began questioning Holy's identity.
First assistant Dallas County district attorney Terri Moore told the newspaper prosecutors are reviewing the case to determine whether more serious charges should be filed against the officers.
"It just makes not one bit of sense why they would have drawn their guns and threatened these gentlemen," said Police Chief David Kunkle. "If the evidence supports what we initially heard they had done, it's a serious crime and we will make sure that we use all of our influence to get the maximum prosecution on it."