Black, 67, was inducted as an officer in the Order of Canada in 1990 for "achievement of outstanding merit or distinguished service" to the country in his capacity as owner of hundreds of newspapers in Canada, the United States, Britain and Israel.
He was convicted in a Chicago court in 2007 of three counts of fraud and one count of obstruction of justice and sentenced to 78 months in prison. Appeals and a retrial reduced the convictions to one count of fraud, although the obstruction charge was upheld.
Black was re-sentenced in June to 13 more months in a Florida prison.
His legal odyssey led to public calls for the revocation of his membership in the order, Postmedia News said.
A spokeswoman in Governor General David Johnston's office, Marie-Pierre Belanger, told media Wednesday a review was under way by a council headed by the chief justice of the Supreme Court, which advises the governor general on such issues.
Since its inception in 1967, only four people have been stripped of membership in the Order of Canada.
Black still maintains his British-bestowed title of Baron of Crossharbour.