Portsmouth have confirmed that Harry Redknapp and Peter Storrie have been arrested by police investigating corruption in football.
Reports had claimed that Redknapp and Storrie were among five people to have been arrested in raids on Wednesday.
A Pompey spokesman said: "Portsmouth Football Club can confirm that chief executive Peter Storrie and manager Harry Redknapp have today been asked to help police with their inquiries concerning a matter dating back to 2003.
"This was prior to the new owner taking control of the club at the beginning of 2006.
"The club is fully supportive of Peter and Harry who are cooperating fully with City of London Police in this ongoing inquiry.
"Both are playing major roles in the continued success of Portsmouth Football Club."
According to the Evening Standard's This Is London website, Leicester City chairman Milan Mandaric, Rangers midfielder Amdy Faye and football agent Willie McKay were also arrested.
The City of London Police's economic unit headed the raid which is part of the same ongoing investigation that saw Tottenham defender Pascal Chimbonda arrested in September.
Police confirmed earlier on Wednesday that five men - aged 69, 60, 55, 48 and 30 - had been arrested following raids.
A spokeswoman for the Police said: "Five men have been arrested on suspicion of conspiracy to defraud and false accounting as part of an ongoing investigation into football corruption.
"Three searches are currently under way. Five additional searches at a variety of locations across the country have been concluded."
The Police's investigation is separate to that of the Quest inquiry, which was launched last year by the Football Association with Lord Stevens at the helm.