It is believed City will challenge the validity of the associated party transaction rules under UK competition law.
Gareth Southgate’s men play their final game ahead of this summer’s tournament, which begins with a fixture against Serbia on 16 June
The 37-year-old will extend his stay at the King Power to 12 years after agreeing a deal for the 2024-25 season.
Kylian Mbappe is the most expensive player in the game - will be prove the best value though?