The Athletic first reported the finding, although sanctions have yet to be determined.
The case stems from charges issued in February 2023 following a four-year investigation into the period between 2009 and 2018.
The Premier League accused City of failing to provide accurate financial information that gave a true picture of the club’s financial position.
The matter was referred to an independent commission, with the hearing beginning behind closed doors in September 2024 before concluding in December after roughly 12 weeks.
City have consistently rejected all of the allegations, maintaining that their defence was backed by a comprehensive body of irrefutable evidence.
The charges span periods involving Roberto Mancini, Manuel Pellegrini and Pep Guardiola, whose first two seasons at the club fall within the timeframe under investigation.
City won eight major trophies during the period, including three Premier League titles, three League Cups, the FA Cup and the Community Shield.
Neither City nor the Premier League has confirmed the reported verdict. The league declined to comment, while City said the process remains ongoing and that significant elements are still subject to strict confidentiality.
The club also said it had respected due process and expected the Premier League to act independently and impartially.
A City spokesperson said: "The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality. As such Manchester City FC’s position remains consistent with the club’s statement of February 2023.
"The club has diligently respected due process for eight years on the basis the Premier League board and executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence."
According to BBC Sport, City would appeal if found guilty, while other Premier League clubs have reportedly been informed of the decision.
Norway have withdrawn Erling Haaland from Saturday's scheduled press conference ahead of Sunday's Nations League clash with Portugal in Oslo, following reports surrounding Manchester City's financial case.
Liverpool have brought Julian Ward back as sporting director, with the 45-year-old returning to the position following Richard Hughes' departure.
Rodri has backed Manchester City to prove their innocence and insisted nothing can take away the success he enjoyed at the club.
Erling Haaland made history with a two-goal display as Norway beat Denmark 3-2 in the Nations League, taking him past Zlatan Ibrahimovic as the highest-scoring Nordic men's international player.
