After an initial investigation the Premier League ruled that although West Ham United were guilty of wrongfully signing the Argentinean duo they would be fined £5,500,000 after the Hammers pleaded guilty as charged.
FIFA president Sepp Blatter said: "We are monitoring the situation very carefully because we have the right to see how such cases are dealt with.
"If we feel something was wrong then we have to open our file." He added: "Any decision would definitely be taken in time for next season."
The Hammers broke Premier League rules by signing third party players Carlos Tevez and Javier Mascherano from a third party company that held their registrations.
The latter has since moved to Liverpool and made his debut against Sheffield United in a 4-0 win whilst Tevez stayed in London and scored the winning goal at Old Trafford last Sunday which kept them up.
Sheffield United, who were relegated on Survival Sunday after losing 2-1 at home to Wigan Athletic are leading the fight against the Premier League after they decided not to punish the club with points deduction.
The Blades are backed by other clubs with the likes of; Wigan Athletic, Charlton Athletic, Middlesbrough and Fulham who are also concerned that West Ham United still have been breaking rules since the ruling on 27th April.
The Premier League has suggested that the decision has now been made and that they won't change their decision after all 20 Premier League clubs agreed to their disciplinary system.
However this hasn't stopped Sheffield United - and the intervention by Sepp Blatter may just encourage them to continue with this case.
FIFA, the Worlds governing voice in Football does has a say over all teams affiliated to FIFA, and most recently has - by Swiss federal court as warned that Spanish club Reyo Vallecano could be relegated if transfer fees owed to a Brazilian club were not paid."Yes we have the power," said Blatter.
"The Swiss federal court has made a ruling by saying that Fifa and its associations have the right and the power to use all 14 sanctions of the disciplinary code, starting with a warning and ending with exclusion of a member via relegation and deduction of points."
What the out come in Sheffield United's case will be is unsure, but we do know that this may be a long and lengthy process to last over the summer.