The club appealed to the Spanish Football Association (RFEF) against Las Palmas fielding two ineligible players against them earlier in the season.
Racing claim that two Brazilian-born players, Alvaro and Baiano, played the first half of the season for Las Palmas as European nationals.
The pair were then re-registered as "foreigners" as the passport scandal hit European football.
Racing were beaten 2-1 by Las Palmas in October.
And, if the Brazilian duo had been registered as foreign players at the time, Las Palmas would have been in breach of RFEF rules.
Las Palmas would have fielded four foreign players against Racing when Spanish club's are only allowed three.
Racing now appear to want assurances that the finals standings will depend on results of their appeal.
If not, they will not play their last two league matches.
"The players back whatever measures the club deems necessary," said club captain Jose Emilio Amavisca.
"The interests of Racing are being attacked and we have to find some way of defending them."
The club's fans are planning demonstrations backing Racing's stance.
"The best way forward is for the club to take drastic action," said the club's majority shareholder Santiago Diaz.
"We are going to continue with this action and have given the RFEF until Sunday to make their decision."
Racing's opponents will be awarded a 3-0 win if they do not play their match on Sunday.
The relegation-battling club's results for the second-half of the season will then be declared null and void if they do not play their final game as well.
That would throw the league into disarray and, additionally, Racing will be relegated and will not be allowed to re-enter the First Division until 2003.
Normally, the RFEF give 48 hours after a match for teams to appeal and Racing lodged their protest in February - four months after their game against Las Palmas.
But Racing argue they only became aware of the offence once the players had re-registered.
Last week second division Getafe had three points deducted after fielding an ineligible line-up for three minutes of their match against Compostela.
A 2-1 victory for Getafe was turned into a 3-0 victory for Compostela and helped condemn the Madrid-based side to relegation to the third division.