If no agreement is reached City face the prospect of the case being handed to a panel for a non-negotiable decision.
Neither the club nor UEFA would comment but it is understood the City have been negotiating forcefully for a significant reduction in that sanction but have been struggling to make progress.
No club is expected to be excluded from the Champions League for breaching the spending limits, the maximum possible sanction - UEFA president Michel Platini said last month he does not envisage that to happen.
Find out more about Financial Fair Play here.
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Not a bad start to the week. A little chilly on Monday morning, but with a fair amount of sunshine around
Sunday evening's forecast for the NW with Emma Jesson.
High pressure is in charge for the start of the week, a couple of fronts introducing dampness at times. Clear spells developing Sunday night