0157 GMT August 15, 2020
City appealed to the Court of Arbitration for Sport (CAS) after UEFA's Club Financial Control Body (CFCB) issued the ban in February, BBC Sport reported.
The CFCB ruled the club had committed "serious breaches" of UEFA's Financial Fair Play (FFP) regulations between 2012 and 2016.
The club was also fined €30 million (£25 million).
City immediately signaled its intention to appeal to CAS. It believes the CFCB was not independent and ended up being distrustful of it, partly due to the amount of secretive information the club felt was leaked to the media.
City is adamant that what it considers an independent judiciary will clear the English club.
"We are ready," said manager Pep Guardiola on Friday.
"I have a lot of confidence and trust with the people that we will be allowed to play the Champions League because we want to be on the field during these years."
City’s appeal began in June and has been heard by three CAS lawyers in private video conferences.
Unless the club is successful, it will not be able to participate in Europe's flagship competition next season and will be prevented from playing in the annual UEFA Super Cup if it wins this season's delayed Champions League.
City faces Real Madrid in their Champions League last-16 second leg at Etihad Stadium on either August 7 or 8.
Guardiola’s men lead 2-1 from the first leg in Madrid and will face Juventus or Lyon in the quarterfinals, which will be held in Lisbon, if they progress.