Without two seasons of Champions League cash, Manchester City face having to make player sales to comply with Financial Fair Play.
City were handed a ban from European football for two seasons by UEFA earlier this month.
The Citizens were sanctioned after being found guilty of breaching Financial Fair Play regulations by allegedly overspending on players.
Manchester City have appealed against the ban, and have vowed to leave 'nothing on the table' when it comes to fighting the issue.
Former City midfielder Steve McManaman warned while writing for HorseRacing.net: "...if the ban is upheld then City are going to have to start balancing their books, so something will have to change.
"If that's the selling of one player here, or another player there, then that might be the case. However, a mass exodus of their star players is another thing altogether."