Bookie Mazhar Majeed, at the centre of the Pakistan match-fixing scam, was released on bail without charge on Monday following his arrest on suspicion of conspiracy to defraud bookmakers.
Scotland Yard said on Sunday night that Majeed had been granted bail and asked to appear before police at a future date.
British tabloid, The News of the World, shook the world of cricket when they reported on Sunday that Majeed had paid bribes to the players to bowl no-balls and wides in the series and the fourth and final Test between England and Pakistan at Lord's.
In a sting operation carried out by the newspaper, the bookie was caught on tape saying that pacemen Mohammad Aamer and Mohammad Asif had bowled three deliberate no-balls by pre-arrangement on the opening day of the fourth Test against England last Thursday. The practice is known as 'spot fixing'.
He also further revealed that as many as seven top Pakistani players, including captain Salman Butt, were actively involved in 'spot-fixing'.
Majeed was arrested late on Saturday night by the Scotland Yard. He is a 35-year-old property tycoon, who also owns Croydon Athletic Football Club.
Following the allegations, the Scotland Yard detectives spoke to Aamer, Asif and Butt and took away their mobile phones, Pakistan team manager Yawar Saeed confirmed on Sunday.
However, despite the allegations, Saeed has denied that Pakistan cricket is "institutionally corrupt".
"We would like to wait to see what happens in the investigation. Only then we can say anything," Saeed said.