Metalist Kharkiv have been disqualified from the Champions League following a match-fixing investigation which means PAOK Thessaloniki could now be reinstated.
Metalist were scheduled to play Schalke next Wednesday in the first leg of the play-off round, after eliminating PAOK in the third qualifying round last week.
Uefa must now decide whether to reprieve PAOK, who are due to play in the Europa League play-offs next week.
The Uefa emergency panel, comprising five members of the Uefa executive committee, was meeting later on Wednesday "to consider the consequences of the decision on the competition," European football's governing body said in a statement.
Metalist are likely to challenge Uefa with an urgent appeal to the Court of Arbitration for Sport.
The Ukrainian club could also ask CAS to freeze sanctions while the case is processed, allowing its debut Champions League campaign to continue.
Metalist were due to host Schalke in the return match on August 27, with the winner advancing to the group stage draw in Monaco two days later.
Uefa charged Metalist last week after CAS upheld the sports director Yevhen Krasnikov's five-year ban imposed by the Ukrainian Football Federation. Krasnikov allegedly helped fix a 2008 Ukrainian league match against Karpaty Lviv.
CAS also upheld a Ukraine Football Federation (FFU) decision to fine Metalist Kharkiv and FC Karpaty $25,000 each over the manipulation of a match played in April 2008.
"The football clubs FC Metalist and FC Karpaty were held liable for the behaviour of their football players or officials under the principle of strict liability," said CAS.
It also upheld the FFU's decision to strip Metalist of their third-place finish that season.
CAS also confirmed a five-year ban on one Metalist player involved in the game and three-year bans on another five.
Two Karpaty officials were given suspended bans and ordered to pay "compulsory cash contributions" to the FFU while CAS upheld an appeal by a third official from the club.
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