UEFA 'could exclude Juventus from European competition' due to their alleged falsification of capital gains from transfer dealings.
The Italian giants were docked 15 points in January after being found guilty of false accounting.
But this was reversed on appeal last week while Italy's highest sporting court re-examines the case, with punishments still possible at a later point.
That reversal elevated Juventus from seventh to third in the Serie A table, putting them on course for Champions League qualification, but there could still be an issue.
They may also yet win the Europa League ahead of a semi-final meeting with Sevilla - this too would win them a Champions League place.
Gazzetta dello Sport report that UEFA, the governing body of European football, have been conducting their own investigation into Juve's financial practices.
They have received documents from the Turin Public Prosecutor's Office and are examining the evidence, fully prepared to intervene if a legal decision isn't made in Italy by the end of June.
The reason is that UEFA will need to finalise entry lists for next season's Champions League, Europa League and Europa Conference League.
Italian clubs are likely to enter the play-offs for the Europa Conference League in late August, so a decision on which representatives are placed into which competition will be needed prior to that.
If the Italian courts decide Juventus should be sanctioned, their place in Europe next season would have to be taken by someone else.
If they fail to qualify for Europe altogether - and they have a number of rivals hot on their heels - a possible exclusion from continental competition could be suspended until the 2024-25 season.
Juventus are threatened by UEFA's Financial Fair Play sanctions. In September 2022, Juventus were fined €3.5m [£3.1m] for violating FFP rules and they agreed to various terms to avoid paying a further €19.5m [£17.3m].
This settlement was based off balance sheets provided by Juventus, the same documents now at the centre of the investigations by the Turin Prosecutor's Office and the Italian football federation [FIGC].
Juventus had been waiting to discover the findings of the investigation after it was announced that it had been re-opened last October.
The prosecutor of the case alleged that the club had misrepresented losses in the period between 2018 and 2020, particularly regarding the amount ascribed to player sales.
The whole board resigned in November, leading to various media outlets claiming the unanimous decision came as a result of involvement in the Prisma investigation.
On top of the points deduction, Juventus were also initially handed sanctions upon 11 of their directing members of staff - however it is yet to be seen what will happen with their punishments.
In January, the football court ruled that former Juventus chairman Andrea Agnelli be banned from holding office in Italian football for 24 months.
It also decided on a 30-month ban for Juventus's former sports director, Fabio Paratici, now managing director of football at Premier League club Tottenham.
Last month, Paratici stepped back from his role as Tottenham’s managing director of football on Friday after his 30-month Italian FA ban was extended globally.
