SBS first reported Bogdan Cuic had been arrested in the Serbian city of Novi Sad on June 5 and was being held in detention.
He is accused of murdering 22-year-old Jei "Jack" Lee, who was shot at point blank range in a Brisbane shopping centre car park in April 2012.
"Now in 18 days, Australia as a state which requests [extradition] must send extradition papers or in the same time period must seek an extension for the sending of the request for extradition," Serbian High Court spokesperson Ivana Karapandzic said.
"This extension period can be a maximum of 40 days from the date of [Cuic's] detention."
For now, the Bandidos bikie has reportedly refused legal assistance from the Australian consulate.
It's not known whether Mr Cuic is a dual Australian-Serbian citizen, which means he could potentially be prosecuted in Serbia instead of being extradited to Australia.
Australia has no formal extradition treaty with the Balkan state, although legal arrangements do exist between the two countries that could allow for Mr Cuic's surrender.
"The high court in Novi Sad will decide about assumptions for extradition, but the final decision about whether [Cuic] would be extradited or not will be decided by the Minister for Justice," Karapandzic said.
According to media reports Mr Cuic, who lived with his grandparents in Brisbane's western suburbs, fled overseas the day after Mr Lee's death. His car was reportedly found abandoned near a river.
Mr Cuic was arrested in Novi Sad while trying to take out money from a bank machine, after evading Australian Federal and international police in neighbouring Montenegro.
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