Wayne Rooney Snr was arrested when police swooped at his home in West Derby, Liverpool, last October. Eight other people, including Liverpool-born Motherwell midfielder Steve Jennings, 26, were also arrested on suspicion of conspiracy to defraud.
Merseyside Police said at the time the arrests were the culmination of a joint operation with the Gambling Commission into "suspicious betting activity".
But Anthony Barnfather, solicitor for Mr Rooney Snr, confirmed that the police have told him that no further action will be brought against his client.
Mr Barnfather said: "Mr Rooney Snr has always vigorously denied the allegations and maintained his innocence throughout the investigation. He is delighted the matter has now concluded."