Reports on Friday said an independent panel had upheld nearly all of the 100-plus financial charges against the club in a case that was initiated more than three years ago.
City did not confirm the decision, saying its case with the Premier League was "ongoing" and yet to be completed.
The club, however, would appeal any guilty decision and the process would take several months, a person with knowledge of the situation told The Associated Press.
The person spoke on condition of anonymity to respect confidentiality.
The Athletic first reported City had been found guilty of all but one of more than 100 charges laid by the Premier League, which accused the club in February 2023 of providing misleading information about its finances over a nine-year period from 2009 to 2018.
The report said the sanctions have not been decided and all possibilities remain open. The BBC also reported the story.
In response, City said in a statement: "The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality."
City said its position "remains consistent" with previous comments about the case. The club has always denied the charges.
"The club has diligently respected due process for eight years," City said.
"On the basis that the Premier League board and executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence."
City's punishment could range from a huge points deduction to expulsion from the Premier League.
When contacted on Friday, the Premier League said it could not comment on the reports.
City have protested their innocence ever since supposed leaked emails and documents were published starting in 2018 by German magazine Der Spiegel.
The documents allegedly showed City tried to mask the source of revenue from deals tied to Abu Dhabi, whose ruling family bought the club in 2008 and has overseen the spending of hundreds of millions of pounds on some of the world's best players.
City have been the dominant team in England over the last 15 years, winning eight Premier League titles since 2012 as well as the Champions League in 2023.
Over the period in question - 2009-18 - City won the league three times, in 2012, 2014 and 2018.
The Premier League has financial fair play rules designed to ensure clubs essentially spend what they earn from deals that are assessed to determine if they are at legitimate market value.
City had previously been accused by UEFA, European soccer's governing body, of overstating sponsorship revenue to comply with Financial Fair Play (FFP) regulations.
In 2020, UEFA ruled City had committed "serious breaches" of FFP regulations from 2012-16, but a two-year ban was overturned by the Court of Arbitration for Sport because allegations were either rejected or found to have happened too long ago to be investigated.
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