At least one photo taken by Getty Images shows Escobar wearing the eye black with the slur during Saturday's game against the Boston Red Sox.
Getty Images confirmed the photo's authenticity to ESPN.com's Keith Law.
MLB spokesman Pat Courtney confirmed to ESPN.com's Jerry Crasnick and The Associated Press that the commissioner's office is looking into the reports.
"The Toronto Blue Jays do not support discrimination of any kind nor condone the message displayed by Yunel Escobar during Saturday's game," the Blue Jays said in a statement Monday night, adding the club "takes this situation seriously and is investigating the matter."
The team said Escobar will be available to the media Tuesday
afternoon at Yankee Stadium along with general manager Alex
Anthopoulos, manager John Farrell and coach Luis Rivera.
One of Escobar's agents declined to comment when reached by Crasnick on Monday.
Escobar, 29, played the entire game Saturday but was scratched from the lineup Sunday due to flu-like symptoms.
ESPN.com's Jerry Crasnick, Keith Law and The Associated Press contributed to this report.