The international police organisation confirmed it had received a request from authorities in Kiev on Wednesday to issue a "Red Notice", or international wanted persons alert, for Yanukovych on charges including abuse of power and murder.
The request "is being assessed by Interpol's office of legal affairs to determine whether it conforms with the organisation's constitution and rules", it said in a statement.
"All Interpol member countries have been informed of the ongoing review."
Ukraine's interim prosecutor said on February 26 that Kiev had requested an international arrest warrant for Yanukovych over the "mass murder" of protesters during the anti-government demonstrations that toppled the pro-Russian leader four days earlier.
Russia is an Interpol member, but the organisation stressed that it "cannot compel any member country to arrest the subject of a Red Notice".
Since Yanukovych's ouster, set in motion by his refusal to sign a landmark association accord with the European Union, tensions between the West and Russia over Ukraine's future have escalated to levels not seen since the Cold War.
Russian troops have effectively taken control of Crimea, a predominantly ethnic Russian region, raising the spectre of Ukraine's splintering.
In response, the EU and US have imposed various sanctions on Russia, including targeted visa bans by Washington and the suspension of visa and economic talks with Brussels.
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