The Italian was banned by the League earlier this month for failing their "fit and properperson's test" for running a club after being found guilty of tax evasion in Italy.
He was ordered to stand down before Dec. 28.
Cellino said he would be prepared to step aside to prevent the embattled club incurring further punishment.
"I'm prepared to resign if it's what I have to do," the 58-year-old was quoted as saying on the Yorkshire Evening Post website (www.yorkshireeveningpost.co.uk) on Thursday.
"I said to the other directors that I don't want to bring any problems on the club so if I have to resign in 28 days and then wait to finish my appeal, I will.
"I'm fighting this and we think we will win so after the appeal I will be back. But I don't want to give the League a reason to punish the club. So if I have to go then I'll go."
Struggling Leeds, who have had three managers this season, are 16th in the standings under Neil Redfearn, only five points above the relegation zone having won two of their last 10 games.
(Reporting by Emanuele Giulianelli; writing by Tom Hayward; Editing by Ken Ferris)
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