Manchester City could be hit with a massive transfer ban by FIFA, according to the report in the English media.
Manchester City could suffer the same fate as Chelsea in recent times when they were banned for two transfer windows.
Pep Guardiola takes side in Bayern vs Liverpool clash
Chelsea was also fined almost £400,000 for a similar offence and it is claimed an announcement is "coming very soon”.
If FIFA ban Manchester City, they will be unable to sign any player at the end of the season and could also face further fines after another FIFA probe into an apparent breach of FFP guidelines.
German magazine Der Spiegel claims that some of their lucrative sponsorship deals are being financed by owner Sheikh Mansour.