Juventus were kicked out of next season's Europa Conference League on Friday for breaching financial fair play rules, UEFA announced.
The Italian giants were also fined 20 million euros ($22 million) with half that amount suspended.
"Juventus violated UEFA's regulatory framework...and it was decided to exclude Juventus from the 2023/24 UEFA men's club competition," said a UEFA statement.
Fiorentina, who finished in eighth place in Serie A last season, are likely to replace Juventus in the Conference League.
European football's governing body said the 10-million-euro additional fine will only be applied if the 2023, 2024 and 2025 financial years do not meet their accounting requirements.
Juventus said in a statement that they accepted the decision and would not appeal the sanction.
"Juventus, while continuing to consider the alleged violations insubstantial and its actions correct, has declared to accept the decision," the club said.
However, they insisted that this did not "constitute admission of any liability against itself".
In a separate case, Chelsea will also pay a settlement of 10 million euros to UEFA for incorrect financial information submitted between 2012 and 2019 when the club was owned by Russian oligarch Roman Abramovich.
Chelsea's current American-led ownership group reported "potentially incomplete financial reporting under the club's previous ownership" in May last year, UEFA said.
(with agency inputs)