The problem of asymptotic expansion of Green functions in perturbative QFT is studied for the class of Euclidean asymptotic regimes. Phenomenological applications are analyzed to obtain a meaningful mathematical formulation of the problem. It is shown that the problem reduces to studying asymptotic expansion of products of a class of singular functions in the sense of the distribution theory. Existence, uniqueness and explicit expressions for such expansions. (As-operation for products of singular functions) in dimensionally regularized form are obtained using the so-called extension principle.