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 U-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.
FA general secretary Alex Horne said the sanctions did not send a "strong enough message" about racism, and that the governing body will appeal against two-match and one-match bans for Steven Caulker and Tom Ince respectively.
Rio and Anton Ferdinand also criticised the sanctions on Twitter contrasting it with a €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.
UEFA's control and disciplinary body also banned four Serbian players and two coaches for varying terms after ugly scenes marred the end of the European Championship play-off in Krusevac in October.
Horne said: "We are disappointed with the sanctions levied by UEFA with regards 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."
Anton 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."