City, who have repeatedly maintained they are innocent of the charges, are currently top of the Premier League table with six wins out of six following their 3-0 defeat of Liverpool last weekend.
No sanction has yet been announced, but City could face a heavy points deduction leading to relegation and there is even speculation they could be stripped of the three Premier League titles they won between 2009 and 2018.
"The Premier League have said that they want to get this resolved within season, and actually, of course, it's not the Premier League, it's an independent commission that's actually going to hear this, made of three retired judges or lawyers," Independent Football Regulator (IFR) chair David Kogan told Times Radio on Wednesday.
"My understanding is that there is a prescribed process, which is 12 weeks, and so people are assuming this will actually be heard by the middle or the end of January.
"But as I say, it's not our process, it's that of the Premier League's independent commission. What I don't think we can do is take any judgment until we're quite clear."
Manchester City Verdict
The Premier League have confirmed that Manchester City have been found guilty of all charges related to breaching financial rules.
The charges relate to breaches between the 2008/09 and 2017/18 seasons, with the club found guilty of breaching the Premier League's financial rules.
An independent commission found that the club had artificially inflated their revenues and reduced costs by more than £900 million during the time period mentioned.
The ruling also states that Manchester City committed multiple breaches of its duties of co-operation and utmost good faith towards the Premier League, and that they were in 'significant breach' of both the Premier League and UEFA's spending limits.
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Kogan said on Tuesday he would resign if there was political interference in any future IFR investigations of City.
British Prime Minister Andy Burnham was criticised for his comments saying he would be "really concerned" if City's Abu Dhabi owners left the club following the verdict.
Downing Street subsequently had to backtrack, insisting no one was "above the rules".
Burnham, who was mayor of Greater Manchester from 2017 to June 2026, has since published all of his dealings with the City hierarchy.
"We've had absolutely no interference from anybody since we created the regulator a year ago," Kogan said.
"We cannot, when regulating football, be subject to political interference on decisions we make about owners, directors or anything else."
He added: "And I won't actually be prepared to run an organisation which is subject to that degree of interference."
City manager Enzo Maresca said last week he "completely trusts" the club and believes it will win its appeal.