The Blades saw their fight to be reinstated into the Premier League ended earlier this week after an arbitration panel upheld the verdict not to dock West Ham any points over the controversial signings of Tevez and Javier Mascherano.
United have now accepted they will be playing in the Championship next season, but they are looking for substantial compensation and will go to the High Court later this month to plead their case.
Bramall Lane chairman Kevin McCabe confirmed the club are going to the High Court on July 13th to launch their appeal.
"I believe the commercial courts, as we call them, will look at the ingredients of this case more differently than the independent commission of the arbitration panel," McCabe told Sky Sports News.
"Yes I suspect it cannot be with a view to reinstatement I think that is overcome now.
"It is very much now a case against the Premier League rather than before it was the Premier League and West Ham.
"So if we are able to get leave to take this to the High Court I suspect we will."
McCabe believes United have a good case for substantial compensation as they are set to miss out on the windfall of playing in the Premier League.
"I think anyone who looks at it and says one club has been wronged - i.e. Sheffield United - the only recourse open now to make that wrong right is financial," added McCabe.
"If you say the play-off game is worth £60million if you recognise Sheffield United's average crowd last season was around 31,000 with full boxes, full restaurants every week, the broadcasting income I suspect you are saying around £50million.
"We do get a sum of money as parachute payments."