Arsenal, Liverpool, Manchester United and Tottenham have reportedly lodged legal notices reserving the right to claim compensation if Manchester City are found to have breached Premier League financial rules.
The Times said the notices had been lodged now over concerns that the clubs could be out of time to do so under the statute of limitations if they waited for an outcome in the case.
City were charged with 115 breaches of top-flight rules in February last year, charges which the club have always strenuously denied.
An independent commission hearing in the case began on 16 September at the International Dispute Resolution Centre in London.
The hearing was reported at the time to be scheduled for 10 weeks.
No outcome is expected until the New Year.
The clubs are reported to have been advised that the six-year statute of limitations could potentially date back to November 2018, when German magazine Der Spiegel first published allegations against City, prompting the Premier League to open an investigation.
The Times said the clubs could look to claim compensation under the league's arbitration rules in the event City are found guilty of some of the serious charges facing them.
The club deny any wrongdoing and have previously said they have a "comprehensive body of irrefutable evidence" to support their stance.
City have dominated English football in recent years, winning six out of the past seven Premier League titles.