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|Manchester City completed a treble by thrashing Watford in the FA Cup final. (Photo: AFP/Daniel Leal-Olivas)|
"An arbitration procedure will now be initiated and will involve an exchange of written submissions between the parties while a panel of CAS arbitrators is convened to hear the appeal," it added.
The investigation was triggered by European football's governing body in March after claims City, who have Abu Dhabi-based owners, hid revenue from overvalued commercial deals in order to meet the UEFA spending guidelines.
The Premier League champions approached the Lausanne-based CAS ahead of an imminent sentencing decision from UEFA Club Financial Control Body's (CFCB) adjudicatory chamber.
It is believed the adjudicatory chamber is unlikely to rule against the conclusions of chief investigator Yves Leterme, who signed over his probe into an alleged payments deception two weeks ago and is thought to have recommended City should be banned from the Champions League.
That would leave Pep Guardiola's side out of Europe's elite club competition, potentially for the 2020-21 campaign.
But City are believed to be challenging UEFA's right to send the case to their adjudicatory chamber and its competence to sit in judgement on the club at all.
City did not respond to a request for comment, but the club have previously said the referral to the judicial branch "ignores a comprehensive body of irrefutable evidence provided by Manchester City".
City, who added the FA Cup and League Cup this season for an unprecedented domestic treble, also said the allegations of wrongdoing were "entirely false" and that there is "comprehensive proof" otherwise.