Ali has also had his £20,000 purse withheld and now faces a lenghty ban for his disgraceful actions.
His case will be heard by the British Boxing Board of Control's Central Area Council at a later date.
Price was in control of the bout in Liverpool on Saturday night as it entered the fifth round.
Ali then grappled his opponent to the canvas and bit him as they tumbled.
Referee Mark Lyson immediately stopped the contest and disqualified the 27-year-old, who had earlier been docked a point for punching to the back of the head, and whom Price also accused of biting his arm earlier in the contest.
Price said: "I think he gave it away in the press conference that he was going to lose his head and he did.
"It's a disappointing way to win; he was in the fight and he's screwed himself there.
"I hurt him to the body just before the final bite he took - he'd taken a couple early on - and he lost his head completely.
"I'm not too pleased with my own performance; there was a lot of tension going in but the job is done.
"He wants to do the rematch but I don't want to share the ring with an animal like that again.
"It's frustrating but I move forward; I'll take the win and we move on."