Speaking at the European SoccerEx conference in Manchester on Wednesday, UEFA general secretary Gianni Infantino revealed the proposed sanctions in a bid to tackle the growing problem on and off the field.
Infantino also confirmed that if there is evidence of racist abuse in the stands, partial stadium closures will be enforced instead of a fine, while further racism will lead to "full closure of the stadium and a minimum fine of 50,000 euros."
"This is clear, this is harsh, it will be known to everyone and this is want we want to implement," Infantino told reporters.
The proposal of tougher sanctions follows UEFA's recent recommendation to referees to stop matches when there are incidents of racism.
The debate intensified this season when AC Milan midfielder Kevin-Prince Boateng departed the field during a friendly in Italy after facing abuse from opposition supporters.
To date, no UEFA-organized match has ever been abandoned and, despite the guidelines, there have been several games where play has continued despite racist chanting. One infamous example includes the recent match between Inter and Tottenham in the Europa League.