The hierarchy are due to convene on Wednesday after Lord Glennie's Court of Session ruling that the SFA's original 12-month transfer embargo was unlawful.
However, given that Fifa take a dim view of any club tacking an Association to court, it is believed the SFA have been told they must retain a sanction of the same – or even greater – weight.
With Fifa threatening to kick Scottish clubs out of Europe and prevent the national team from taking part in international competitions, the SFA are under pressure to find a suitable punishment for the Ibrox club.
Rangers could be kicked out of the Scottish Cup, or they could be suspended from the league altogether.
However, Amoruso believes that no Rangers would mean no Scottish game effectively.
"It is big news and I am wondering what is going to happen," he said.
"I can't believe anyone who cares about Scottish football would say the right thing to do is to have no Rangers in the league.
"It makes no sense. If that happens it is not just Rangers who will die, but Scottish football, too.
"You would only have one team who could win the league and that is not a competition. The standard would keep falling.
"You need to have a strong Rangers and Celtic – that is the lifeblood of Scottish football."
Despite that fact that Duff & Phelps have backed Rangers into a corner by going to court, Amoruso believes the club did the right thing.
"The transfer embargo was crazy," he said. "The club were always going to have to fight it.
"There are clubs who have been in financial trouble in Europe but to not be allowed to even bring in loan players or out-of-contract players is a nonsense."