Middlesbrough winger Stewart Downing's former agent Ian Elliott is still being questioned by police after being arrested on suspicion of fraud.
Downing, 24, told Middlesbrough some time ago he had concerns over how his "company's affairs" were being handled.
And following consultation between the club, the Football Association and police, a man and woman were arrested.
"Arrests have been made on suspicion of offences to defraud and money laundering," said Cleveland Police.
The two people were released on bail on Wednesday pending further inquiries.
A Middlesbrough spokesman added: "We can confirm that the club was approached some time ago by Stewart with concerns he had regarding the way his and his company's affairs have been handled.
"The club advised him to involve lawyers and accountants to investigate these concerns.
"We will continue to liaise with both parties to ensure that any potential breaches of football regulations are dealt with at the appropriate time"
"This led to the arrest on Wednesday of a man and a woman relating to the investigation.
"The Football Association is aware of the position and is continuing to monitor its progress."
An FA spokesman said: "The FA can confirm that it was made aware by Middlesbrough FC of concerns relating to the actions of a licensed football agent in connection to their player Stewart Downing's financial affairs.
"The FA then acted as liaison between the club and Cleveland Police. We will continue to liaise with both parties to ensure that any potential breaches of football regulations are dealt with at the appropriate time."
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