The Italian could learn of his fate before his side face Reading on Tuesday, with Malaga boss Manuel Pellegrini the leading candidate to replace him at the Etihad Stadium.
Malaga coach Manuel Pellegrini is expected to replace the Italian, who is negotiating a severance package for his expected dismissal that could be announced before his side face Reading on Tuesday.
Club officials, including chairman Khaldoon Al Mubarak, chief executive Ferran Soriano and sporting director Txiki Begiristain, are currently in London following City's 1-0 FA Cup final defeat to Wigan on Saturday and are reportedly preparing to confirm the Italian's departure.
Pellegrini, who has been monitored by City since January and whose agent Jesus Martinez met with Begiristain in Madrid last month, has emerged as the leading candidate to replace Mancini at the Etihad Stadium.
The Italian lashed out at the club following Saturday's defeat at Wembley, insisting that more could have been done to quash speculation regarding his situation, as well as the club's interest in Pellegrini.
"You continue to talk about this for six months and also in the last two weeks, too much," Mancini said. "I don't know why the club didn't stop this, because I didn't think it was correct. I don't think that it's true."
Mancini earns a salary of around 7.5 million pounds a year with City and has four years remaining on the contract he renewed following the club's dramatic Premier League title win last May.
It is understood that both manager and members of the club's board will now meet to discuss a compensation package ahead of Tuesday's clash at the Madejski Stadium.
Doubts over Mancini's future surfaced as early as City's Champions League exit in November, with club officials left disappointed following a second-consecutive failure to progress beyond the group stage.