Police have searched a house on Abbey Road
Detectives from Surrey Police had arrested the man at 1100 BST on Thursday in Chertsey, Surrey - about three miles from the 13-year-old's home.
He has been released without charge on police bail.
Officers have been searching the house where the man lives in Chertsey and have also been speaking to local residents.
It is just over eight weeks since Amanda - known as Milly - went missing.
She was last seen walking home from the railway station at Walton-on-Thames.
Despite a massive police hunt and a high-profile media campaign, no progress had been made in the hunt for the schoolgirl who vanished on 21 March.
Milly's disappearance has been the subject of one of the most intense and widely publicised hunts there has ever been.
Friends and family have appeared in the media to ask for news of her, and even her favourite pop star Will Young made a personal appeal for her return.
Specialist search teams have completed 165 inspections of local sites, including local rivers.