Speaking at the Soccerex Global Convention in Manchester on Tuesday, the chairman of FIFA's medical committee and UEFA executive committee member Michel D'Hooghe revealed that he is to put the idea to both FIFA and UEFA.
The Belgian will put the plans to UEFA at their executive committee meeting on September 18 before doing the same to FIFA's committee a week later.
And, as the proposal does not represent a change in the rules of the game but merely an alteration in the rules of competition, D'Hooghe stated that it could be introduced as early as next month.
"If there is a suspected concussion we will ask the referee to stop the game for three minutes," D'Hooghe said.
"The referee will only allow the player to continue playing with the green light of the team doctor - nobody else."
D'Hooghe's revelations come after a World Cup final in which the issue of concussion was thrown into the spotlight, with Germany's Christoph Kramer allowed to play on before eventually being substituted after suffering concussion in the first half of the Rio de Janeiro showpiece.
In total, there were five concussion cases at the World Cup, according to D'Hooghe.
The new regulation, if approved, would apply to World Cup qualifying games, European Championship qualifiers, Champions League and Europa League matches, but not to domestic fixtures.