The club have been found guilty of serious breaches of the Premier League’s financial rules across nine seasons from 2009/10 to 2017/18.
The charges focus on reportedly using sham contracts to inflate revenue and understate costs by more than £900M, news that could see the club kicked from the Premier League or stripped of their titles.
City deny the findings and have appealed, but reports suggest the club hold very little chance of avoiding a historic punishment, which could have serious implications.
According to reports from TEAMtalk, PSG and Liverpool have already highlighted one player they are interested in - if City are required to start offloading players - with Rayan Cherki on their respective radars.
After a mixed first season in England, Cherki has shone so far in 2026/27 with four goals and two assists, but he remains under contract until 2030 with a transfer value of around €90M.