Arsene Wenger believes Uefa needs to show it means business when the sanctions are confirmed against Manchester City and Paris St Germain for breaching Financial Fair Play rules.
UEFA is understood to have made a settlement offer to the clubs that they will have a limit placed on the total wage bill for next season's Champions League squad.
The final sanctions are due to be confirmed next week and Arsenal manager Wenger said: "There are rules to apply for the financial fair play. If you don't respect them, you have to apply the rules.
"One of the rules is that normally you should be banned for the excess of the financial amount that is not justified, that is if you are £100million overboard, you should be punished for £100million of your wages bill in the Champions League.
"I want to see that respected, if that is not respected, then the financial fair play will have problems to be respected in the future because everyone will just not consider it at all.
"If it is not respected, of course we will feel let down."
No club is expected to be excluded from the Champions League for breaching the spending limits and Wenger believes that could be linked to TV rights sales.
He added: "That has gone now out, I have thought about that problem and the media might play a part in that, because when UEFA sells the rights of the Champions League to a French TV station, it is very difficult to explain to them once they have paid the money that the best club in their country will not play in the competition, so that might be one of the reasons behind that."