A Senate committee likely will recommend sanctions against Sen. Alan Cranston for his involvement with savings and loan financier Charles H. Keating Jr., a newspaper reported Tuesday.

The Los Angeles Times quoted unidentified "knowledgeable" sources saying they expect the Senate Ethics Committee to recommend the Senate exact a punishment somewhere between expulsion and a reprimand - probably censure or denouncement.The six-member committee is expected to issue recommendations for the "Keating Five" senators sometime in March. The committee completed 26 days of public hearings earlier this month.

The California Democrat and four other senators are accused of trying to influence federal regulators improperly on behalf of Lincoln Savings and Loan, which was seized in April 1989 and could cost taxpayers $2 billion to bail out. In return, the senators allegedly accepted campaign contributions from Keating.

One member of the committee has said publicly he would be amazed if one of the senators under investigation did not come up before the Senate for discipline. Trent Lott, R- Miss., did not say which senator that might be, but the Times reported its sources said it was Cranston.

Evidence indicates Cranston was more involved with Keating than the other senators, soliciting about $975,000 in all, more than the other four combined. Cranston has denied his actions were unethical.

The other senators are Dennis DeConcini, D-Ariz.; Donald W. Riegle Jr., D-Mich.; John Glenn, D-Ohio; and John McCain, R-Ariz.

The Times said charges against Glenn and McCain would probably be dropped because the two refused to help Keating further after learning regulators had found potential criminal violations at Lincoln. The committee is undecided what action to take against Riegle and DeConcini, the newspaper said.