European Athletics has proposed that only world records that stand up to strict criteria should be recognised in order to make a clean break with the sport's doping scandals.
Powell, who jumped 8.95 metres in August 1991, said the proposals were "disrespectful, an injustice and a slap in the face".
"I've already contacted my attorney," the American, 53, told BBC Radio 5 Live.
"There are some records out there that are kind of questionable, I can see that, but mine is the real deal. It's a story of human heart and guts, one of the greatest moments in the sport's history.
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The plans are due to be considered by world governing body the International Association of Athletics Federations (IAAF) in August.
Powell set his world record during a thrilling contest with his United States team-mate Carl Lewis at the 1991 World Championships in Tokyo.
He broke Bob Beamon's mark of 8.90m, which stood for 23 years.
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