Manchester City and Paris St-Germain top the list of just under twenty clubs which are unstood to have breached UEFA's financial fair play (FFP) rules.
The clubs have reportedly received settlement offers from UEFA's club financial control board (CFBCB), who meets on Thursday.
The clubs must now decide whether to accept the offered sanctions or try to negotiate a lesser punishment that may vary from a reprimand to a fine up to European squad restrictions next term.
The outstanding cases will go to an adjudicatory panel for a final decision if an agreement cannot be reached.
While the settlements each club have been offered remain unknown, UEFA could reveal the outcomes as early as Friday.
UEFA president Michel Platini recently said he did not think any of the clubs who breached rules, which limit losses to £37m (45m euros) over the last two years, would be liable to the most powerful sanction of being excluded from European competition next season.
Sides not playing in Europe this season will not have to pass the FFP rules until next autumn.
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