The Daily Mail report that the Premier League and City have agreed a date at which they will face off in front of an independent panel.
It is claimed that the date for the showdown has been initially scheduled for the late autumn of 2024.
The report says a conclusion may not follow until the end of next season, which is when City manager Pep Guardiola's contract at the Etihad Stadium is due to expire.
The Premier League referred City to an independent commission in February over alleged rule breaches between 2009 and 2018.
City deny any breaches and said they “look forward to this matter being put to rest once and for all”.
Earlier this month, Everton were handed a 10-point deduction by an independent commission after being found to have breached the Premier League's profit and sustainability rules.
The Toffees are set to formally appeal against the punishment, which is the largest sanction in Premier League history.
Chelsea are being investigated by the Premier League over potential financial rule breaches between 2012 and 2019, when Roman Abramovich owned the club.