QPR risk being refused entry back into the football league if they do not pay a £40m fine for breaching Financial Fair Play regulations.
The London club have vowed to fight any fine, but if QPR are relegated from the Premier League their very future could be under threat.
QPR are expected to have made losses of around £60m last season, when they were promoted from the Championship, which would incur a fine of £40m from the Football League.
Harvey insisted the Football League's rules still applied to the club even if they had been promoted, and said it was theoretically possible they could be refused entry back into the football league if they did not comply with a December 1 deadline to submit accounts or pay any fine.
Asked if exclusion was the 'nuclear option', Harvey, speaking at the Soccerex conference in Manchester, said: "Theoretically that is the position, but I would hope there would be resolution long before that option even had to be considered.
"We are satisfied we still have the ability under our regulations to charge them for a breach of our rules whilst they were in membership.
"The one thing for certain is that most clubs [in the Premier League] will become a Football League club again.
"Now QPR will of course be hoping it does not happen for some considerable number of seasons. But the chances are they will need to return to the Football League fold at some point in the future. Certainly, three of the current 20 clubs that are in the Premier League will be in the Football League next season."
Clubs who were in the Championship last season have until December 1 to submit their accounts for last season, with the Football League announcing any action a month later.
Clubs who breach the rules - and have losses greater than £8m - and are still in the Championship or League One will have a transfer embargo imposed at least for the January window.