"Now McCabe and his boss Jim Comey, they had been warned by multiple government agencies, by many high-ranking officials," the Fox News host said on Thursday's edition of "Hannity."
"They were also warned about using that dossier by at least one foreign government, that [former British spy Christopher] Steele's so-called intelligence was unreliable, not verified Russian disinformation -- to quote The New York Times -- likely from the beginning," Hannity said.
The Steele dossier is a report, later discredited, containing allegations that served as a basis for the Russia investigation into Donald Trump's 2016 presidential campaign.
"My sources [are] telling me McCabe could in fact face criminal charges," he added. "I assume this means that a grand jury will be convened."
On Thursday in Washington, U.S. Attorney Jessie Liu made the recommendation to move forward with charges against McCabe.
McCabe appealed Liu's decision all the way up to Deputy Attorney General Jeffrey Rosen but was rejected, according to a person familiar with the situation.
But Hannity, while critical of McCabe, spoke directly to former acting director, saying he was innocent until proven guilty.
"I want to be very clear though, I want Andrew McCabe to know this," Hannity said. "We live in a country where accusations against anybody from the DOJ inspector general and former colleagues of the FBI ... They're incredibly damning, aren't they? But everybody deserves the presumption of innocence. Innocent until proven guilty in a court of law. And by the way I will not deviate from that."
Hannity also noted the outlook for McCabe was bleak.
"It looks bad. Looks like Andrew McCabe is going to face justice very soon," Hannity said.
Fox News' Alex Pappas and Jake Gibson contributed to this report.