Attempted murder and criminal injury charges could also be brought against the men, who are now aged in their sixties and seventies.
The Ministry of Defence has begun sourcing legal representatives on behalf of the soldiers, who have never been formally interviewed by police in relation to the shootings in Ireland.
The soldiers face questioning under criminal caution for their involvement in the incident in which 14 Catholic civil rights protesters in Londonderry were killed.
The development comes three years after a £200 million inquiry by Lord Saville produced its report based on 12 years of investigation.
Its findings concluded that all those shot by paratroopers during the march in the Bogside area were unarmed, rendering their deaths "unjustified and unjustifiable".
A spokesman for the Police Service of Northern Ireland said: "Preliminary work has begun into what will be a lengthy and complex investigation into the events of January 30, 1972.
"For the investigation to be as comprehensive and effective as possible, police will be asking for public support in the form of witnesses who gave evidence to the Saville inquiry."
The Saville inquiry concluded 26 British Army soldiers had opened fire although not all of their shots hit demonstrators.
Most of the soldiers involved are still alive though their identities have been protected to safeguard them from reprisals.