Despite UEFA's threat to boot them out of European competition for Financial Fair Play breaches, the Premier League champions have already launched an appeal to the Court of Arbitration for Sport (CAS) in a bid to have any suspension overturned.
But what if that does not work? What could the consequences be for one of Europe's most potent forces?
Here, Sportsmail take a look at the negatives, and even positives, of being kept away from the continent's top table - should the worst-case scenario unfold.
Of the biggest concern to Manchester City and their fans will be how to keep hold of a world-class manager such as Pep Guardiola without the attraction of Champions League football - should it be taken away from them.
Currently, the Spaniard is contracted at the Etihad Stadium until 2021, but that hasn't stopped stories already emerging of a possible departure.
Guardiola has never spent more than four seasons at any club as boss, and he will have reached that tally at City by the end of the current campaign.
City board members labelled reports this summer that he was set to take over from Massimiliano Allegri at Juventus as 'ridiculous', but sources in Italy and Spain have thrown doubt on his future in Manchester, saying it is 'inevitable' that he will have to 'step back' at some point soon given the energy he expends in the role.
As such, and given his history elsewhere, there is a chance that Guardiola may decide to walk away at the end of the coming season, ban or no ban.
The challenge for City will then be to attract someone of the same calibre but without the limelight of the Champions League.
MailOnline
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