Portsmouth Football Club manager Harry Redknapp is one of five men arrested by detectives investigating corruption in the sport.
The club's chief executive, Peter Storrie, was also arrested during the series of raids across the UK, a spokesman said.
Leicester City chairman Milan Mandaric, Rangers midfielder Amdy Faye and football agent Willie McKay were also arrested, it has been widely reported.
City of London Police interviewed the men after arresting them on suspicion of conspiracy to defraud and false accounting.
Up to 60 officers were involved in searches at eight addresses at locations across the UK including Redknapp's luxury home in Poole, Dorset.
Last year the FA brought in former Metropolitan Police commissioner Lord Stevens and his company, Quest, to carry out a separate inquiry into suspect transfers.
City of London Police would only confirm the ages of the arrested men - 69, 60, 55, 48 and 30.
Detectives are believed to be focussing on Faye's transfers from Auxerre to Portsmouth in August 2003 and Portsmouth to Newcastle in January 2005.
Mandaric was Portsmouth chairman at the time of his arrival to and departure from the south coast club. McKay is believed to have been his agent. Redknapp was Portsmouth manager when Faye arrived in 2003. The player has since signed for Charlton and joined Rangers on a season-long loan in August.
Last year Redknapp was questioned by the Football Association over claims he illegally approached a player. He was secretly filmed as part of a BBC documentary but dismissed the allegations as "farcical".
