Multiple attacks on King Khalid International Airport by Yemen's Iran-backed Houthi rebels over the weekend killed at least 14 people and wounded more than 300, according to Saudi officials.
It is unclear whether the Asian Football Confederation (AFC) has made contingency plans for the tournament, which is due to kick off on January 7.
The AFC did not respond to requests for comment.
In a statement provided to AAP, an FA spokesman said: "Football Australia is closely monitoring the situation in Saudi Arabia. The safety and wellbeing of our players, staff and supporters remains paramount.
"Our experienced security team is actively monitoring developments and providing regular updates.
"Risk assessment is part of our planning for every national team camp, and it will be a key focus of our preparations for January."
It is unlikely the AFC would have the appetite to strip Saudi Arabia of Asian Cup hosting rights and relocate the tournament to another country at short notice.
But a more likely scenario - if the conflict between the Saudis and the Houthi rebels doesn't dissipate over the next few months - is that the tournament would be pushed back by 12 months to January, 2028.
That would have a flow-on effect for several federations, including Australia.
Coach Tony Popovic has a contract with FA until the 2027 Asian Cup, but it is unclear if it would roll on a further 12 months if the tournament was delayed.
Beau Busch, the chief executive of the players' union, Professional Footballers Australia (PFA), said his thoughts were with those impacted by the conflict in the region.
"The safety of players, fans and staff must be the priority and the central consideration in the planning and delivery of the AFC Asian Cup," Busch said.
"Through the PFA and FIFPRO, the global players' union, we have continued to monitor the situation and engage closely with Football Australia and external experts.
"Risk assessments are conducted before all camps and will continue to be critically important ahead of the Asian Cup."
FIFA will be watching developments closely, with Saudi Arabia having been awarded hosting rights for the 2034 World Cup.
The escalation is certain to have heightened concerns among the 23 national teams set to travel to Saudi Arabia for the event.
Airlines Etihad and Qatar Airways have postponed flights to Riyadh, while the city's major airport is closed until October 17.
DFAT's current advice for Australians is to "reconsider your need to travel overall due to the security situation in Saudi Arabia".
Al Nassr, the club coached by Ange Postecoglou and featuring Cristiano Ronaldo, had an Asian Champions League match delayed by an hour on Monday night because of a security alert sparked by a Houthi missile attack that was intercepted.
In April, Jeddah's F1 Grand Prix was cancelled, while the World Rally Championship has opted to drop its Saudi Arabia event slated for November.
South Korea's football federation, meanwhile, is "reviewing multiple scenarios" given its senior men's national team was due to travel to play Saudi Arabia in a friendly in the November international break.
Australia are due to face Saudi Arabia's neighbours Qatar in Doha and Jordan in Amman in the same window and FA security experts have already been conducting risk assessments.
China was due to host the 2023 Asian Cup but relinquished rights eight months ahead of kick-off as a result of the country's COVID-19 policy.
Qatar replaced China as hosts.
FA dealt with rising tensions in the Middle East in May when the Joeys travelled to take part in the U-17 Asian Cup in Saudi Arabia.
The tournament went ahead as scheduled, with players and their parents receiving extensive security briefings.
