Liverpool could see the 2014 Premier League title reallocated to them.
Brendan Rodgers’ side narrowly missed out the title after finishing two points behind Manchester City after winning just one of their last three games.
But UEFA’s decision to impose a two-season Champions League ban on the reigning champions could now lead to further sanctions at a domestic level.
The Premier League is also investigating whether City breached their own financial rules between 2012 and 2016, which could see points retrospectively docked.
Were that to happen, the Reds may potentially find themselves crowned league champions for 2013/14 – ending the club’s 24-year wait for the title.
Steven Gerrard’s fatal error during a 2-0 defeat to Chelsea in the final weeks of that season ultimately swung the balance of power back in City’s favour.
The former Liverpool captain, now managing Rangers, admits he is watching with interest on whether the Etihad Stadium is stripped off its 2014 title.
Asked for his thoughts on the subject, Gerrard said: “We will wait and see.
“From a UEFA point of view, it is obviously a real strong sentence or punishment.
“I’m sure they will appeal so we will wait and see what the outcome is on that.
“Then we will see whether the Premier League act from there. But if you look at the severity of the punishment from UEFA, something has gone badly wrong.
“So I’m really interested to see the outcome of that. Until I get the punishment from the Premier League, I won’t comment further.
“But I’m really, really interested in it…for obvious reasons.”
Liverpool are currently on course to win this season’s Premier League after opening up a 25-point gap on City with a 1-0 win over Norwich on Saturday.