So, apparently an expulsion for City would require a vote by the clubs, where they'd need to reach a 75% threshold. An expulsion could see clubs lose a home match this season, plus potential TV money from both matches - and maybe having to recompense the TV companies for loss of matches, that could actually get quite expensive. Clubs who have sold players to City with success clause extra payments will also stand to lose cash. With a fair few clubs teetering right on the edge of the financial regulations that could see them fined/docked points themselves if they lost that income.
Others have also pointed out that Arsenal - who might have a fair amount of weight in league politics - have an extremely lucrative sponsorship from Emirates that could potentially be jeopardised.
So in all, unlikely. Unfortunately.