City face severe sanctions, including potential relegation from English football's top flight, after an independent commission found them guilty on more than 100 charges between 2009 and 2018.
There has also been speculation that titles won during that period could be stripped.
City have appealed the verdict and deny any wrongdoing.
Former City boss Pep Guardiola, who left the club in May, is set to return to the Etihad for Wednesday's clash against PSG in the Champions League.
Luis Enrique is a close friend and former Barcelona teammate of Guardiola and said what City won on the field should not be taken away from them.
"I think what they've done on the pitch has been incredible over the last few years and I think they certainly deserve to win on the pitch all the trophies that they have won," the PSG boss said in a pre-match press conference.
"I think the trophies that you win on the pitch remain on the pitch and they deserve to win. I hope they can avoid that sanction, that's what I feel."
Enzo Maresca has so far made a flawless start to the daunting task of succeeding Guardiola.
The Italian has won all eight games in all competitions, but Luis Enrique dismissed suggestions that Wednesday's match is the chance to lay down an early marker for either side.
"January is when you can really see the team's level," he added. "Five or six months down the line, things are so different. Many teams change.
"But it's an interesting match at this stage, a fun one to watch."