UEFA has banned the Ukrainian club, who were due to play Schalke in a Champions League play-off next week, from its competitions in the 2013-14 season.
However, an appeal to the Court of Arbitration for Sport (CAS) could see Metalist temporarily reinstated because CAS has the power to suspend sanctions.
In the meantime, UEFA has announced that Greek club PAOK Thessaloniki will take Metalist's place in the Champions League play-offs.
UEFA charged Metalist last week after CAS upheld a five-year ban imposed on the club's sporting director Yevhen Krasnikov by the Ukrainian Football Federation.
Metalist vice-president Kostyantyn Pyvovarov said: "We regret that such a sanction was applied, and we do not agree with it.
"That's why today we plan to appeal to the Court of Arbitration for Sport in Lausanne.
"Also, we have appealed to the Supreme Court of Switzerland with the application for suspension of CAS decision.
"I want to remind you that the contract match, which allegedly took place, was held back in 2008, with the old owners of the club.
"At the same time, 'Metalist' has won the right to participate in the Champions League 2013-14 in a fair fight.
"Our team, our fans deserve to take part in the main football competition in Europe.
"I want to assure fans that we will fight for the rights of the club and protect them in accordance with all legal requirements."