According to the New York Times, investigators for the European governing body have chose to push for at least a one-season ban from the competition, after a meeting at its Swiss headquarters two weeks ago.
Numerous allegations regarding City's financial wrongdoings were brought to light by the so called 'Football Leaks' files earlier this year, and are said to include emails and private club documents that show the club's attempts to "circumvent UEFA's financial fair-play regulations by masking cash infusions from a United Arab Emirates state-backed investment company through inflated sponsorship agreements with entities including the U.A.E.'s national airline, Etihad", according to the report today in the American media.
City, who secured their fourth Premier League title in eight seasons against Brighton and Hove Albion on Sunday, welcomed the investigation "as an opportunity to bring to an end the speculation resulting from the illegal hacking and out of context publication of City emails".
Manchester City's aspirations of translating their domestic success onto the European stage could be halted for the time being, with a UEFA panel seeking a minimum one-year ban from the Champions League.
One of the allegations is that money received by Manchester City disguised as sponsorship payments was in fact pumped in by the Abu Dhabi United Group which owns the club, outlawed under Financial Fair Play rules.
City said in a statement that the suggestion those involved in the investigatory process, overseen by Yves Leterme, the former Belgian prime minister, had already found the club guilty of breaking financial fair play regulations was "extremely concerning".
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Their March 7 statement added: "The accusation of financial irregularities are entirely false". "The club's published accounts are full and complete and a matter of legal and regulatory record".
Manchester City have not commented on the video.
City were punished for violating FFP rules in 2014 and operated with a spending cap and a reduced squad size for the 2014-15 UEFA season. Manchester City would also have the right to appeal to the Court of Arbitration for Sport.
"If what has been written about Manchester City is true, there might be a serious problem", Leterme said.
But they have a second shot at glory in the Champions League when they take on Tottenham in the final on June 1 in Madrid. "This can lead to the heaviest punishment: exclusion from the UEFA competitions".