Thiago picked up the caution against Colombia, imposed after he blocked goalkeeper David Ospina taking a kick, and as it was his second of the tournament he was automatically suspended.
The Brazilian federation (CBF) has lodged an appeal and FIFA head of media Delia Fischer said: "I can confirm we have received an appeal from the CBF and this is being analysed."
The CBF's chances of success appear limited - appeals against yellow cards are not usually permitted, only red cards.
Real Madrid appealed against midfielder Xabi Alonso being suspended for the Champions League final after he picked up a third booking in the semi-final, but UEFA ruled that appeal was inadmissible.
Should FIFA overturn the yellow card it would be hugely controversial and would allow other teams to claim that the governing body is favouring the hosts.
All existing yellow cards are now wiped from the slate for the players from this stage of the tournament, however, meaning anyone who is booked in a semi-final will not risk suspension for the final unless they are sent off.
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- David Ospina