Uefa general secretary Gianni Infantino also revealed clubs could be forced to close part or all of their stadiums if fans racially abuse players.
Infantino said: "It's still a scourge on the game. We have to have sanctions.
"What we are proposing is that if a player or official is found guilty then they will be suspended for 10 matches."
Speaking at the Soccerex event in Manchester today, Infantino added: "If supporters are found guilty then there will be a partial closure of the stadium.
"This means the section where offence took place will be closed. If there is a second offence by the club's supporters there will be full closure with a minimum 50,000 euros (£42,700) fine."
The debate on racism intensified this season after AC Milan midfielder Kevin-Prince Boateng led his team off the field during a friendly in Italy after facing abuse.
The Ghanaian walked off the pitch during a match against Italian team Pro Patria after he was abused by their fans.
Chelsea captain John Terry and Liverpool striker Luis Suarez were both found guilty of racial abuse by the Football Association last year.
Terry, 32, was banned for four matches and fined £220,000 for racially abusing QPR defender Anton Ferdinand on 23 October 2011.
Uruguay striker Suarez, 24, was sanctioned following a clash with Manchester United's Patrice Evra during the 1-1 draw at Anfield on 15 October 2011 and was handed an eight-match ban and £40,000 fine.
The Uefa executive committee will vote on the proposal in London in May and, if passed, the ruling could apply to all Uefa competitions from as early as July.
Uefa are also asking all of their member associations to apply it to their own domestic competitions with the plans going to a vote of the congress in May.
Separately to Infantino's proposal today, Uefa have ordered Dynamo Kiev to play their next two home European matches behind closed doors after racist behaviour by the Ukrainian club's supporters during games against Paris Saint-Germain and Bordeaux.
The second game punishment has been deferred for a probationary period of three years. The Ukrainian club have lodged an appeal against this decision.