An independent commission found the club guilty of the majority of the 115 charges they faced, a verdict that City are expected to appeal before the deadline of October 2nd.
The club continue to deny any wrongdoing, but despite their appeal, could be stripped of their titles and kicked from the Premier League in a move that would destroy the side.
If such a punishment did occur, City's world-class players would undoubtedly jump ship to new clubs as they would see their chances of silverware as well as their wages plummet.
Now, as rival clubs wait to see what punishment City will be handed, reports have linked Donnarumma with moves to German champions Bayern Munich and Spanish giants Real Madrid.
According to TEAMtalk, Madrid are considering a move for Donnarumma and view him as a strong candidate to eventually replace Courtois. Meanwhile, Bayern Juventus, Inter Milan and Galatasaray have also been linked as clubs see an opening to steal away the Italian shot-stopper.
Bayern are still reliant on a 40-year-old Manuel Neuer and with Donnarumma in his prime at 27 years old, he could be the perfect replacement as soon as the January transfer window opens.
Interestingly, back in January, Donnarumma's agent Enzo Raiola stated: "If the opportunity to return to Italy arises, we will seize it." as links to top Serie A sides grow.
City have said in a statement they are "both disappointed and surprised by the opinion of the Premier League Commission" and maintained their innocence of all the accusations made. An appeal will likely come over the next 24 hours as players at the side ponder their future which is up in the air.