Should the tournament implement such ban, the likes of Daniil Medvedev and Victoria Azarenka would not be able to participate.
Despite the ongoing conflict in Ukraine, Russian and Belarusian athletes have continued playing in ATP, WTA and ITF competitions under a neutral flag.
However, due to its independent tournament status, the All England Club - which hosts Wimbledon - could implement a ban on players from those countries without the risk of legal repercussions.
Talks are continuing between the organisers, government officials and the Lawn Tennis Association. A decision is expected before next month's entry deadline.
In a statement, the All England Club said: "We have noted the UK Government's guidance regarding the attendance of Russian and Belarusian individuals in a neutral capacity at sporting events in the UK.
"This remains a complex and challenging issue, and we are continuing to engage in discussion with the UK Government, the LTA, and the international governing bodies of tennis.
"We plan to announce a decision in relation to Wimbledon ahead of our entry deadline in mid-May."
One member of the government who has already shared his views on Russian and Belarusian athletes is UK sports minister Nigel Huddleston. The MP for Mid Worcestershire previously called for members of those nations to prove they are "genuinely neutral" and provide assurances they don't support or receive money from the Russian regime.
He said: "Absolutely nobody flying the flag for Russia should be allowed or enabled.
"We need some potential assurance that they are not supporters of Vladimir Putin. We're considering what requirements we may need.
"Would I be comfortable with a Russian athlete flying the Russian flag? No.
"When it comes to individuals, that gets a bit more complex so we are looking at and talking to various sports in terms of what the response and requirements should be there."
Medvedev is currently the highest ranked player at risk of missing Wimbledon. The US Open champion is already a doubt to compete at the French Open following a hernia surgery.
Andrey Rublev, Karen Khachanov and Aslan Karatsev are all ranked in the ATP's top 35 and could also miss out.
The women's draw, in contrast, could be without Belarusians Azarenka and Aryna Sabalenka who are in the WTA's top 20.
Wimbledon is scheduled to start on Monday, June 27.