The Frenchman was suspended by FIFA’s ethics committee alongside FIFA president Sepp Blatter over a £1.35m disloyal payment he received from Blatter.
The 60-year-old then lodged an appeal with the Court of Arbitration for Sport (CAS) to lift the suspension but the court upheld the sanction imposed by FIFA’s ethics committee.
The CAS, however, cautioned FIFA against extending the provisional suspension beyond the current 90 days. Under its rules, the ethics committee could have added an extra 45 days to the ban, but the CAS panel said this would be unfair to Platini.
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Platini and Blatter will have personal hearings with Fifa’s ethics committee next week, after which the football governing body will rule on whether the lifetime bans requested against both men by the investigatory chamber should be applied.
The ruling means, Platini will now miss this weekend’s Euro 2016 draw in his home country, France.
While both men would have the last recourse of a further appeal to CAS, a lengthy ban would almost certainly signal the end of Platini’s hopes of re-entering the race to succeed Blatter.