The Addicks finished in the final relegation place following the conclusion of the Championship campaign last month.
Sheffield Wednesday are set to start next season with -12 points after being found guilty of breaching the Football League’s profitability and sustainability rules.
The Owls have 14 days to appeal the decision which was made by an independent disciplinary commission but Charlton have claimed that applying the points deduction next season is "irrational."
Wigan Athletic were docked the same number of points for entering administration last month, a penalty which led to their relegation, however, the Latics have appealed with a decision due next week.
If Wednesday's deduction had been applied for the 2019-20 campaign, it would have seen Charlton remain in the Championship after the Owls finished eight points above the relegation places.
"The club is considering a legal challenge following the news that Sheffield Wednesday will receive a sporting sanction that will take effect in the 2020/21 season," read a statement from Charlton which was released on Friday night.
"Sheffield Wednesday were charged in November 2019 for breaching the EFL’s Profitability and Sustainability Rules for the three-season reporting period ending with Season 2017/18.
"We fail to understand why the deduction will take place next season rather than the current season, which seems to be irrational, and are writing to the EFL to get an explanation of the justification."
Wednesday are awaiting written reasons for the decision before deciding how to proceed.
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