Former Premier League player, 33, cleared after arrest on suspicion of child sex offences in 2021
The footballer was first held in June 2021, bailed pending further inquiries by police and suspended by his club.
He has been under investigation for almost two years but on Friday, Greater Manchester Police (GMP) said he will face no further action.
A spokesperson for Greater Manchester Police said: "The 33-year-old man who was arrested in connection with an investigation opened in June 2021 will face no further action. The investigation team and Crown Prosecution Service have been working together and reached the decision that the evidence available at this time does not reach the threshold set out on the Code for Crown Prosecutors.
"Greater Manchester Police is committed to investigating allegations to secure the best possible outcomes for all involved and will continue to work with partner agencies to ensure individuals are supported throughout investigations and beyond."
The footballer, who police have not identified, has since left the Premier League club he was with at the time of his arrest.