Nine clubs, which UEFA has not named but that sources close to the process have said include City and PSG, are facing punishment for failing to comply with rules forcing teams to limit their financial losses.
Confirmation of the sanctions, which had been expected last week, have yet to be announced by the independent panel investigating the finances of clubs who qualified for European competition this season.
"In terms of deadlines, it's still on track, so I'm not worried or anxious or concerned," UEFA secretary general Gianni Infantino told reporters.
"In legal proceedings, time has to be taken to analyse everything."
Clubs can reach a settlement with the UEFA panel, including a fine and other penalties, or have the case taken to an adjudication panel that could announce stiffer sanctions, including a ban from European competition.
Many observers question the logic of fining wealthy clubs for spending too much money and say UEFA must take strong action to ensure the regime is credible.
Infantino said UEFA's panel had a variety of sanctions at its disposal.
"One of the strengths of club licensing and financial fair play regulations is exactly that it does not focus on one single sanction," said Infantino.
"It foresees a list of 10 or twelve sanctions which could also be combined.
"There is no single answer to whether a fine is appropriate or not; it depends always on cases and the best is almost always some sort of combination, with the ultimate objective of making sure everyone breaks even."
- Gianni Infantino