The Club Financial Control Body's investigatory chamber is meeting to consider the cases of 76 clubs and UEFA plan to announce details of sanctions by May 5.
Those include the option to bar a club involvement from European competition.
City have lost £149m in the past two seasons and, under UEFA rules, clubs will be investigated if they lose any more than £37m over that time.
Clubs such as Liverpool, which are not playing in Europe this season, do not have to pass the FFP rules until next autumn. The Anfield club last month announced losses of £49.8m up to May 2013, and a further £40.5m over the past 10 months.