Mary Kom was suspended till October 27 after she allegedly used foul language against the jury following her quarter-final defeat against Haryana's Pinky Jingra on Monday.
"Yes, there is a possibility," Col P K Muralidharan Raja, AIBA Secretary General, said when asked whether the decision could be revoked if Mary Kom tenders an apology.
Raja said he was "satisfied" with the decision of the jury headed by N S Kichi after going through the score sheet of bout and discussing it with the officials.
"Discipline has to be maintained at any cost irrespective of the boxers achievements," he said adding the temporary suspension of Mary Kom, who is an ambassador of Indian boxing, "will send a right message among the boxers".
Raja said they will take up the issue at its annual general meeting to be held in Hyderabad on October 27.
Mary Kom can continue practise on her own, Raja said adding that in case the decision go against her at the AGM, she cannot take part in the upcoming indoor Asian boxing championship to be held at Hanoi, Vietnam early next month.
He said Mary Kom was part of six-member Indian team that would leave for Hanoi on October 31 to participate in the championship.
Raja said he would again analyse the video recording of the incident and would discuss the issue with the officials concerned as well as the players involved.