The ITF's Grand Slam Committee is expected to deliver a final verdict on the Serena Williams U.S. Open incident very soon. Most sources of information close to the decision-making contend that Williams is not likely to be banned from the Australian Open; rather, she will face a heavy fine (the figure of $1,000,000 is being circulated) and also be levied a good behavior bond.
Other options include having Williams give back her U.S. Open prize money and take away her U.S. Open ranking points. The committee could also ban her from the 2010 U.S. Open.
The final recommendation will come from ITF Grand Slam administrator Bill Babcock, but the committee has to power to overturn his verdict.