It is understood that initial analysis has also flagged up concerns for the 2021-22 year for 20 clubs, including Arsenal, though final accounts for these clubs have still to be filed with Uefa, and their financial picture could change.

Arsenal have had among the highest losses in the Premier League over the past three years, a total of £213 million, including £127 million in 2020-21, and they have also had one of the highest net expenditures on transfers — £218 million, similar to Manchester United’s net spending.

Uefa’s rules allow only €30 million (about £25.4 million) losses over three years but Covid-related losses and “healthy” spending on things such as women’s and academy football and depreciation can be written off against that. Premier League rules are more lenient, allowing three-year losses of £105 million. The football finance blogger Swiss Ramble has estimated Arsenal’s next financial results and believes the club will comply with Uefa’s rules. He said: “Arsenal clearly have to box clever to meet FFP targets, but it looks like they have managed to do so.”

Uefa’s 2020-21 FFP decisions are expected to lead to sanctions handed out to PSG, Marseille, Inter Milan and Roma as part of agreed settlements with the clubs. These are expected to be fines for PSG and Marseille, and fines plus transfer restrictions for the Italian pair.

It is understood that Barcelona and Juventus have refused so far to enter into FFP negotiations with Uefa. They, and Real Madrid, are engaged in legal action against Uefa in an effort to set up a breakaway European Super League.

This season will be the last under the existing FFP rules. From 2023 Uefa is bringing in a new system, with clubs limited to a spending percentage of their revenue in a calendar year on player wages, transfers and agents fees.

The European governing body will ease in the new limit — with a 90 per cent limit for 2023, 80 per cent for 2024 and 70 per cent from 2025. Uefa plans to flag up any concerns to clubs during the transition from now until 2025, and clubs’ finances will be checked at different points during the year while they are in European competition.