Manchester City were taken over by owners from Abu Dhabi in 2008
But, speaking in front of MPs, Masters said he could not reveal the date.
Everton, already appealing against a 10-point deduction for a previous charge, and Nottingham Forest were charged for breaching league profit and sustainability rules on Monday.
Masters said he understood why both clubs' fans might be frustrated.
"I can [understand] but they are very different charges," he told the Culture, Media and Sport (CMS) committee.
"If any club, the current champions or otherwise, had been found in breach of the spending rules, they would be in exactly the same position as Everton or Nottingham Forest.
"But the volume and character of the charges laid before Manchester City, which I obviously cannot talk about at all, are being heard in a completely different environment.
"There is a date set for that proceeding. Unfortunately, I can't tell you when that is but it is progressing."
Premier League champions City were charged with more than 100 breaches in February 2023 but are yet to face a hearing.
Everton were handed a 10-point deduction in November, having been referred to an independent commission in March.
City's charges related to a nine-year time frame from 2009. Since 2009, they have won the top flight seven times, but are facing potential relegation and having titles taken away if the case against them is proven.
They were also charged with failing to co-operate since the Premier League launched its investigation in 2018.
There have been reports the case will be heard at the end of this year, although this has not been confirmed by the Premier League and it seems unlikely there will be a verdict until 2025.
-- Courtesy of BBC Sport