Everton have lodged a formal appeal against the two-point deduction handed down by an independent commission earlier in April for breaching the Premier League's Profit and Sustainability Rules (PSR), the league confirmed on Monday.
The club have already had one sanction reduced on appeal this season, with the initial 10-point penalty for the same breaches relating to last season's reporting period reduced to six.
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The Premier League said in a statement that it had appointed an appeal board to hear the club's case after the official complaint was lodged.
"For clarity and certainty of all clubs and fans, the Premier League will be seeking to have the appeal resolved urgently with the outcome confirmed ahead of Sunday 19 May, the last day of this season," the statement added.
When the deduction was announced by the Premier League, Everton said they were "extremely concerned by the inconsistency of different commissions in respect of points deductions applied."
The Merseyside club are 16th in the Premier League table, two points ahead of Luton Town in the final relegation place.
Premier League regulations stipulate that a club can lose no more than £105 million ($132.54m) over a three-year period.
Everton admitted to having exceeded that limit by £16.6m to the independent panel.
Information from ESPN's Mark Ogden contributed to this report.