UEFA president Michel Platini is considering an appeal to increase the one-match spectator ban and €80,000 fine imposed on Serbia for racist abuse and violence towards England Under-21 players.
The sanction, imposed by UEFA's independent control and disciplinary panel, has been widely criticised for being too lenient.
UEFA itself can appeal to increase the severity of the punishment. UEFA sources said Platini has taken note of the sanction and will make a final decision once he has read the full file on his return from Japan next week.
The European body's prosecuting inspector had proposed more "drastic" measures, the Serbian federation has admitted.
QPR defender Anton Ferdinand, the target of racial abuse by John Terry last year, contrasted the sanction against Serbia with the €100,000 and one-match ban handed to former Arsenal striker Nicklas Bendtner for displaying a betting firm's logo on his underpants during Euro 2012.
Ferdinand tweeted: "Wow UEFA ain't serious with their punishment... So showin a sponsor is worst than racism and fighting!"
His brother Rio added: "Uefa are not serious at all on racism. Fines do not work at all. They have zero impact on federations/clubs/fans/players #fact.
"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."