Ex-chief executive Charles Green and former finance director Imran Ahmad could still face charges over Craig Whyte’s takeover of Rangers, according to The Herlad.
It was thought that the former owner would be the last person in connection with the 2011 buying of Rangers to face criminal action.
Whyte, 46, was cleared of fraud at the High Court in Glasgow earlier this week.
However, sources told the Herald that “investigations are continuing” into both Green and Ahmad.
Allegations against the pair were dropped last year and time limit for charging them for the same offences had expired.
Police also confirmed there would be no investigation into Rangers chairman Dave King after he was accused of paying £20,000 for private emails “hacked” from Whyte.