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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Windy. Wintry showers, giving snowfall over hills and ice risk.
Showers turning increasingly wintry after dusk. Snow may settle over higher routes by dawn. Risk of ice for the Monday rush hour
Winds remaining strong today and dragging in colder air. A mix of sunshine & showers, these turning increasingly wintry over hills