Manchester City and Paris St-Germain (PSG) headlines at least 20 clubs understood to have failed to meet key criteria on Uefa’s financial fair play (FFP) rules.
The England and France-based pair know their fate later in the week for breaching the Uefa’s regulations.
Under FFP, losses are limited to £37m (€45m) over last two years.
The European football’s ruling body has reportedly made settlement offers to all clubs considered of breaching the FFP rules ahead of a meeting on Thursday.
Possible punishments it could dole out on the teams vary from a reprimand to fine or European squad restrictions next term.
The likelihood of excluding any of the teams from European competition- the most severe of the sanctions- is however not thought to be in consideration at the moment.
Uefa has not made public the settlements it has offered each of the offenders, but the football world waits to find out the verdicts, which could be out on Friday.
But City posted combined loses of £149m for the last two seasons- £97m in 2012 and £51.6m in 2013.
Qatar-backed PSG wiped out their losses with a huge and back-dated sponsorship deal with the Qatar Tourist Authority.
Uefa President Michel Platini said recently he did not envisage any of the clubs who breached rules would be liable to exclusion from European competition next season.