Teams involved in the European Super League that refuse to distance themselves from the failed project could face a two-year ban from the Champions League or Europa League, Gabriele Marcotti of ESPN reports.
The reported potential punishment represents the most severe sanction at UEFA's disposal.
Seven of the 12 clubs involved in the project - Arsenal, Atletico Madrid, Chelsea, Liverpool, Manchester City, Manchester United, and Tottenham Hotspur - have engaged in discussions and reached an understanding with UEFA, sources told Marcotti.
Those seven teams are reportedly attempting to agree to lesser punishments and have also pledged they will not attempt to reignite efforts to form the Super League.
It's understood Inter Milan are also close to reaching a similar agreement.
The other four teams - AC Milan, Barcelona, Juventus, and Real Madrid - are still committed to the formation of a Super League, Marcotti reports. The quartet apparently believes the original documents filed during the creation of the competition protect the sides from severe sanctions.
UEFA could seek to sanction teams for violating Article 51 of its statutes, which reads: "No combinations or alliances between ... clubs affiliated, directly or indirectly, to different UEFA Member Associations may be formed without the permission of UEFA."
UEFA has yet to formally begin disciplinary proceedings, Marcotti adds, as doing so would constitute a violation of an injunction granted in a court ruling in Madrid.
The sport's governing body is reportedly hopeful it will reach an agreement with one or two more teams; the Super League's original statutes reportedly dictate that the league will be formally disbanded if nine of the 12 clubs drop out.
Those teams that pull out of the project could reportedly be set for a legal battle with the four remaining clubs for violating the terms of the initial Super League agreement.