Members of the committee met after Swiss investigators opened criminal proceedings against Blatter.
On Wednesday, it was confirmed that the investigatory chamber of the ethics committee had recommended his suspension.
However, the decision still needs to be ratified by the adjudicatory chamber of the committee.
The outgoing president is being investigated for a number of offences, including criminal mismanagement and making "a disloyal payment" of £1.3 million in 2011 to UEFA president Michel Platini.
Blatter has denied any wrongdoing and vowed to carry on as the head of Fifa until next February.
Platini has also denied doing anything wrong, saying the payment related to "work which I carried out under a contract with Fifa".
The ethics committee has also been debating whether to take any action over Platini's role in the scandal, but so far no decision appears to have been reached.
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