Bookies will initially announce their prices for teams to be relegated, as they do every season as standard. City would usually be the least favourites to go down and subsequently be placed at the largest odds possible, maybe along with Liverpool and Arsenal. Due to the hearing taking place in Autumn, one outcome possibly being enforced relegation, they are in a bit of a conundrum because they don't want to place the odds too high incase people bet on it at that price and the club are relegated which forces them to pay out loads of money.
They have shortened their odds accordingly but nothing like to odds which would suggest they have any information on a likely outcome whatsoever. We're still placed as rank outsiders to be relegated but they have covered their arse to some extent, possibly deterring some punters from betting us because the odds make it no longer worthwhile.
From here, the only way odds may be an indication is if we're suddenly backed in to one of the strong favourites to be relegated and our price shortens dramatically. With the lack of leaks thus far I don't see anything happening with the odds until after the hearing.
TL;DR don't pay them much attention, it's a story out of nothing.