Manchester City are reportedly one of 76 clubs currently under investigation for a breach of UEFA's financial fair play rules.
According to The Mirror, Paris Saint-Germain are also thought to be one of the clubs, all of whom failed UEFA's break-even calculations in 2012.
The 76 teams, around a third of the total clubs in European competition, will now have their financial records for 2013 assessed by the governing body.
"The figure of 76 clubs is a high figure but it has to be looked at in perspective of what the end figure will be," said UEFA general secretary Gianni Infantino.
The clubs could face a range of sanctions including fines, a salary cap or being kicked out of European competition.
Sanctions would apply from the start of next season but UEFA will announce in April any clubs which have been found guilty of a rule breach.
