British newspaper the Financial Times reported Wednesday that PSG was facing the threat of sanctions after preliminary investigations found that sponsorship contracts worth $247.2 million had been "overstated."
PSG, which is due to meet with UEFA officials next week, responded in a statement Thursday, saying that UEFA had a "clear and transparent vision" of its finances and that its probe was ongoing.
"Paris Saint-Germain is in constant contact with UEFA and will present its case in full serenity on April 20 before European football's governing body," the statement said.
The last summer transfer window was the biggest showcase yet of PSG's spending power in the six years since it was bought by the Gulf state of Qatar, via its Qatar Sports Investments fund. It paid a world record fee of $275 million to bring in Brazilian forward Neymar from Barcelona.
The Paris club faced further scrutiny regarding its dealings in the transfer market, after also signing the highly-rated French teenager Kylian Mbappe from Monaco, initially as a loan, but with first-refusal to make the move permanent in a deal worth $235 million at the end of the season.
Fees of this size, particularly coming at the same time, have raised eyebrows around Europe. PSG has previously been accused of "financial doping" by Javier Tebas, the head of La Liga, Spain's top soccer league, due to the suspicion that the club had allegedly been structuring deals to get around FFP.
If found guilty, PSG could not only face a hefty financial penalty, but also forego participation in the Champions League, which the club covets so highly.