Everton, meanwhile, argued that a financial penalty, or at worst a transfer ban, would be sufficient punishment.
It is understood that 20 clubs across Europe have been identified for the year 2021-22 by UEFA, one of which is the Gunners.
Manchester City were cleared on Monday of breaking UEFA’s Financial Fair Play rules by the Court of Arbitration for Sport.
Manchester City have been referred to an independent judicial chamber following an investigation into alleged breaches of Financial Fair Play regulations, European soccer’s governing body UEFA said on Thursday.
Aston Villa have reportedly registered an interest in loaning Chelsea forward Tammy Abraham.
The Italian giants finished sixth in Serie A last season to secure their spot in next season’s Europa League.