The Champions League final was scheduled to take place at Gazprom Arena in St Petersburg on 28 May
The decision will be made at Friday's emergency meeting of European football's governing body.
Russian President Vladimir Putin launched a military invasion of neighbouring Ukraine on Thursday.
The Champions League final was set to be played at the Gazprom Arena in St Petersburg on 28 May.
Russia and Ukraine are both scheduled to play World Cup play-off matches in March, and Fifa said it would monitor the situation.
Fifa president Gianni Infantino says football's world governing body has "a duty to look into the footballing consequences of what is happening".
"Fifa condemns the use of force by Russia in Ukraine and any type of violence to resolve conflicts. Violence is never a solution and Fifa calls on all parties to restore peace through constructive dialogue," Infantino said.
Russia are set to play Poland on 24 March, while Scotland host Ukraine on the same day.
Ukraine's domestic football league was set to resume this weekend after a winter break, but will remain suspended. Fifteen of the most recent 23-man Ukraine squad play in their homeland.
Sweden are also in the play-offs where they will meet the Czech Republic. The winner of that tie could meet Russia for a place at the World Cup finals, which get under way in Qatar in November - if Russia win their semi-final. Karl-Erik Nilsson, the chairman of the Swedish Football Association, told Reuters a match in Russia was "almost unthinkable" at the moment.
Later on Thursday, a joint statement was issued by the Polish, Czech and Swedish FAs telling Fifa that the play-off matches should not be played in Russia, asking for "immediate action" for alternative locations.
Fifa president Infantino said the letter will be looked at "as a matter of urgency" and added that it can "take a decision at any time".
The Champions League final was set to be played at the Gazprom Arena in Putin's home city of St Petersburg on 28 May, but Uefa has known an escalation in the situation between Russia and Ukraine would make it impossible to stage the match, reports BBC's Simon Stone.
Uefa president Aleksander Ceferin has now called an emergency executive committee meeting for Friday, when the decision will be confirmed.
Uefa is in the process of evaluating alternatives but is now committed to changing the venue of its most prestigious club game at short notice for the third year running.
Zenit St Petersburg's Europa League game on Thursday in Spain against Real Betis went ahead, with Zenit going out, losing 3-2 on aggregate.
In Ukraine, football at all levels has been suspended and the Ukrainian FA has said it will appeal to prevent any Russian national or club teams participating in "any international competitions under the auspices of Fifa and Uefa".
Uefa later said it "shared the international community's concern" for Ukraine.
"We remain resolute in our solidarity with the football community in Ukraine and stand ready to extend our hand to the Ukrainian people," Uefa said in a statement.
Before their Europa League meeting at the Diego Armando Maradona Stadium, Barcelona and Napoli players stood together behind a large banner which read "Stop War".
-- Courtesy of BBC Sport