Manchester City and Paris St Germain will learn this week whether they are deemed to be in serious breach of UEFA's financial fair play rules. The Club Financial Control Body's (CFCB) investigatory chamber is to meet on Tuesday and Wednesday to consider the cases of 76 clubs.
Those clubs considered to have committed serious breaches of UEFA's break-even rules will be referred to the CFCB's adjudicatory panel for a final verdict, with UEFA to announce details of all sanctions around May 5.
The sanctions could include being barred from European competition.
Manchester City, who have lost £149million in the past two seasons, and PSG are both understood to be among the 76 clubs under investigation.
Liverpool and other clubs such as Monaco, who are not playing in Europe this season, will not have to pass the FFP rules until next autumn, with any sanctions applicable in 2015.
A statement said: "UEFA does not provide any details about clubs' ongoing investigations as part of the monitoring process, nor will it comment on correspondence between the Club Financial Control Body (CFCB) and clubs.
"UEFA will only communicate once decisions have been taken by the CFCB investigatory chamber, which we anticipate will happen at the beginning of May."
Clubs can appeal against any decision to the Court of Arbitration for Sport.
