City have until today's deadline to submit their appeal after an independent commission found the club guilty of serious financial breaches covering nine seasons between 2009 and 2018.
The commission found City had used what it described as "sham" commercial contracts in schemes that inflated revenue and understated costs by more than 900 million pounds.
The club have strongly denied the allegations and maintain they have evidence that will clear their name.
City are expected to argue that some of the sponsorship agreements in question were funded partly by the government of Abu Dhabi rather than the club's owners.
Under the Premier League's new fast-track appeal rules, a hearing must take place within 12 weeks of an appeal being lodged, with a decision expected within 30 days of the hearing ending.
City are expected to challenge the use of those rules, arguing they were not in place when the club was originally charged in February 2023.
The original charges followed a four-year Premier League investigation into the club's finances. City have consistently rejected any suggestion of wrongdoing throughout the process.
The independent commission also found the club guilty of most of the charges relating to its alleged failure to co-operate with the investigation.
The case could have consequences beyond any sanctions imposed by the Premier League, with rival clubs, players and agents potentially examining whether they have grounds to seek compensation.
There has also been political interest in the findings.
Meg Hillier, chair of the UK Parliament's Treasury Committee, has written to HM Revenue and Customs asking what action it intends to take following the commission's findings.
Hillier contacted HMRC permanent secretary JP Marks after the ruling stated that City had committed well over 100 individual breaches of Premier League rules over several seasons.
Sports lawyers have warned that the legal fallout could continue for years as the appeal process and any potential related claims develop.
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