O'Driscoll was cited following the incident in Ireland's 22-15 defeat in Rome on Saturday.
The independent Six Nations disciplinary committee will be chaired by Robert Williams, along with Mike Hamlin and John Doubleday.
O'Driscoll was sent to the sin-bin for only the second time in his 14-year professional career in the first half of the match at the Stadio Olimpico.
The 34-year-old lifted his right leg and brought it down on to the chest of Favaro, the Italy openside, who yelled out in pain and writhed around on the turf.
The act was out of character for O'Driscoll, who has a fine disciplinary record, and was evidence of his frustration as Ireland slumped to a first Six Nations defeat by Italy.
However, he was lucky to have escaped a red card for an incident that clouded what is thought to have been his 125th and final Test in a green shirt.
The recommended suspension for a low end stamping offence is two weeks, the mid-range five weeks and top end nine weeks, up to a maximum of one year.
While the offence was serious, O'Driscoll's lack of previous disciplinary issues will count in his favour.
It will be hoped by his province Leinster that he is available for the Amlin Challenge Cup quarter-final against Wasps on April 5 and for as much of their RaboDirect Pro 12 title push as possible.
- Sports & Recreation