The governing body recently announced that they are currently investigating payments were made by the club to a former vice-president of Spain's referees' committee.
Court documents demonstrated that Barcelona paid €7.3m (£6.4m) between 2001 and 2018 to two companies owned by Jose Maria Enriquez Negreira.
UEFA have the power to suspend teams from European competition for a season if they are found to have been involved in match fixing.
"In accordance with Article 31(4) of the UEFA Disciplinary Regulations, UEFA Ethics and Disciplinary Inspectors have today been appointed to conduct an investigation regarding a potential violation of UEFA's legal framework by FC Barcelona in connection with the so-called 'Caso Negreira'," read the statement from UEFA.
Barcelona have firmly denied any wrongdoing, insisting that they paid for technical reports on referees, but the club's former presidents Josep Maria Bartomeu and Sandro Rosell have been hit with corruption charges.
Prosecutors in Spain are accusing Barcelona of fraudulent management, breach of trust and falsification of business documents.
According to Marca, UEFA will make a decision by June whether Barcelona will be disqualified for the 2023-24 Champions League.
The report claims that the Catalan outfit would appeal any sanction that is imposed, which would involve UEFA's Appeals Body and the Court of Arbitration for Sport.
Barcelona are on course to win this season's La Liga title, sitting 11 points clear of second-placed Real Madrid at the top of the division.
Xavi's side are 26 points ahead of fifth-placed Real Betis, meanwhile, with the club almost certain of qualifying for next season's Champions League.
"Let it be clear Barca have never bought referees and Barca have never had the intention of buying referees, absolutely never," current Barcelona president Joan Laporta said last month when questioned on the matter.
"It's not chance that this comes out now, when Barca are doing well."
Barcelona have already won the Spanish Super Cup while this season, while they are chasing success in the Copa del Rey, preparing to face Real Madrid in the second leg of their semi-final on Wednesday night.
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