Terry gets a mandatory one-match ban and will miss the final on May 19 in Munich. Chelsea scored twice without Terry to draw 2-2 at Camp Nou on Tuesday, and advanced 3-2 on aggregate.
UEFA rules allow its disciplinary body to extend the sanction, which will apply next season in Super Cup, Champions League or Europa League matches.
The panel is scheduled to meet on May 31 to discuss Terry's case, UEFA said.
Champions League regulations allow the 10-member panel to extend a player's sanction across all UEFA competitions, including the European Championship, for "serious offences."
However, UEFA has applied the rule rarely, such as when Valencia and Inter Milan players fought following a Champions League match in March 2007.
Terry's knee into the back of Barcelona forward Alexis Sanchez is unlikely to affect his chances of playing for England when Euro 2012 kicks off on June 8 in Poland and Ukraine.
Four Chelsea players are suspended for the Champions League final. Branislav Ivanovic, Raul Meireles and Ramires each received one-match bans for their third bookings in the competition.
The Champions League does not have a yellow-card amnesty after the quarterfinal stage, which UEFA applies in the European Championship.
FIFA introduced an amnesty rule two years ago to ensure that players shown a yellow card in the World Cup semifinals do not miss the final.
UEFA said Wednesday that a similar rule could be proposed by its Club Competitions Committee, and later approved by the executive committee chaired by UEFA President Michel Platini.
The clubs panel includes Barcelona President Sandro Rosell, one of his predecessors, Joan Gaspart, and Manchester United chief executive David Gill.