The federation performed its own investigation after a probe by judicial authorities in Cremona that used intercepted phone and Internet conversations to show the players fixed matches.
They face charges of criminal association.
In a 2007 conversation between Bracciali and an accountant who was arrested in 2011, Bracciali allegedly discussed fixing a match in Newport, Rhode Island.
In 2011, an owner of a betting parlor later arrested was allegedly heard saying Starace agreed to sell the result of a final in Casablanca.
While acknowledging that the duo represented Italy "with passion" in Davis Cup for many years, president Angelo Binaghi said the federation may sue the players for damages if they're convicted.