UEFA president Michel Platini could appeal to increase the sanctions imposed on the Serbian FA for racist abuse from the stands and violence on the pitch at the Under-21 game against England in October.
Platini is believed to feel the punishments - an €80,000 fine and one Under-21 match to be played behind closed doors - are not strong enough.
They have been widely condemned as much too lenient by anti-racism campaigners, and UEFA's prosecuting inspector had proposed more "drastic" measures.
The sanctions were imposed by UEFA's independent control and disciplinary panel - but the rules mean UEFA can itself appeal against a decision by the panel.
Sources at European football's governing body said Platini would make a decision once he had read the full file on the matter after returning from the Club World Cup in Japan next week.
In the wake of England's 1-0 play-off win at the Mladost Stadium, in Krusevac, FA general secretary Alex Horne had said England would consider refusing to play in Serbia as a result of the "racial abuse, violence and threatening behaviour" they had encountered.
ESPN was informed that the FA's report to UEFA was highly damning.
In a statement issued after UEFA had announced the punishments, Horne said he was frustrated they had not been stronger.
He added: "We are disappointed with the sanctions levied by UEFA with regard to the racist behaviour displayed towards England's players.
"Let's be clear - racism is unacceptable in any form and should play no part in football. The scenes were deplorable, and we do not believe the sanction sends a strong enough message."
Lord Herman Ouseley, the chairman of anti-racism group Kick It Out, told ESPN he felt UEFA's ruling was "pretty pathetic" and said the Serbia Under-21 team should not have been allowed to take part in European competition for at least five years.
"This is not designed to stop anything. This is not a deterrent," he said. "It's nothing more than a slap on the wrist. That's UEFA for you - but then again, who out there is taking these racism issues seriously?"
Rio Ferinand tweeted: "UEFA not serious at all on racism. Fines do not work at all. They have zero impact on federations/clubs/fans/players.
"UEFA need to talk to this generation... they don't seem to be up to date on this issue. Harsh punishments needed as a deterrent #simple."
PFA chief executive Gordon Taylor said he thought the fine was "unbelievably low and no deterrent whatsoever".