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The two clubs have spent heavily in recent years, enjoying great domestic success as a result, but have not received Champions League bans from any FFP checks.
City were initially suspended after a UEFA investigation only to successfully appeal that part of the verdict at the Court of Arbitration for Sport in the summer of 2020.
LaLiga president Javier Tebas said last month the league would take legal action against the French club after Kylian Mbappe snubbed a widely-tipped move to Real Madrid at the 11th hour and renewed his contract with PSG until 2025.
The organisation said it would take “further legal action to the European Union, France and Switzerland” justice systems as it understands that “these clubs are continually breaching the current regulations” of financial fair play.
LaLiga reacted angrily to Mbappe's contract extension, saying PSG's new offer to Mbappe “attacks the economic stability” of European football.
“It is scandalous that a club like PSG, which last season reported losses of more than 220 million euros after accumulating losses of more than 700 million euros in prior seasons ... with a squad cost around 650 million for this season, can close such an agreement,” they said at the time.
LaLiga lodged the complaint against Manchester City to UEFA in April before filing the one against PSG last week.
Additional reporting by Reuters.