Abu Dhabi-owned Manchester City and Qatar-backed Paris St Germain are reportedly facing sanctions after breaching UEFA's financial fair play (FFP) rules.
According to media reports on Tuesday, fewer than 20 clubs are understood to have failed to meet key criteria.
UEFA is understood to have made settlement offers to all clubs deemed to have breached rules ahead of a meeting on Thursday.
City must now decide whether to accept the offer made to them or try to negotiate a lesser punishment, which varies from a reprimand to a fine or European squad restrictions next term, the BBC reported.
The most powerful sanction, that of being excluded from European competition, is not expected to be implemented, it added.
In February, Manchester City's CEO said he was confident the club would comply with financial fair play rules despite lavish transfer spending and huge losses
The team, which was acquired by Sheikh Mansour bin Zayed al Nahayan's Abu Dhabi United Group in 2008, posted a loss of £51.6m ($85.4m) in its latest financial year.
But Ferran Soriano said that he was confident the club would meet the rules for the coming year.
UEFA president Michel Platini said recently he did not think any of the clubs who breached rules would be liable to exclusion from European competition next season.
Under FFP, losses are limited to £37m over the last two years. City posted combined losses of £149m for the last two seasons - £97m in 2012 and £51.6m in 2013.
Earlier this month, a report revealed that Manchester City are the best paid team in global sport.
According to Sportingintelligence’s Global Sports Salaries Survey for 2014, the average first-team pay at City has been calculated at £5.3m ($8.9m) per year, or £102,653 per week in the period under review.