Masters champion Adam Scott is among nine players taking legal advice over the ban on anchored putters.
The R&A and USGA confirmed on Tuesday that the ban will come into effect from 1 January, 2016, with Rule 14-1b approved after consideration of comments and suggestions made during the 90-day consultation process.
South Africa's Tim Clark said he was among "a fair number" of players exploring their legal options, with Boston-based lawyer Harry L. Manion telling GolfDigest.com that he represents nine players, including Clark, Scott and Carl Pettersson.
"We're not going to just roll over and accept this" - Tim Clark
Manion is also quoted as saying that he has read the governing bodies' explanation for the ban, adding: "I'm not persuaded by it. There's some good lawyering in there, but I don't think they've made the case, and I believe the court would see it that way, too."
Clark told reporters at the Crowne Plaza Invitational earlier this week: "We do have legal counsel. We're going to explore our options. We're not going to just roll over and accept this."
When announcing the ban, R&A chief executive Peter Dawson admitted he was concerned that players could file lawsuits, but added: "I don't think lawsuits will be on particularly strong ground.
"We are not so sure of ourselves that you can always be sure you're going to be right, but we have certainly done our homework on this one, far more than anything else in my time at the R&A."
It is understood that the players are waiting to see how the PGA Tour responds to the ban before deciding their next step.
The PGA Tour and PGA of America voiced their opposition to the ban when it was proposed, with the PGA Tour stating on Tuesday: "We will now begin our process to ascertain whether the various provisions of Rule 14-1b will be implemented in our competitions and, if so, examine the process for implementation.
"In this regard, over the next month we will engage in discussions with our player advisory council and policy board members.
"We will announce our position regarding the application of Rule 14-1b to our competitions upon conclusion of our process and we will have no further comment on the matter until that time."