The Yorkshire businessman, who led a takeover of Rangers in 2012, was arrested in 2015 for the "alleged fraudulent acquisition" of the Glasgow club.
The case against Charles Green was ultimately axed in February of last year with prosecutors revealing that there was "now no evidence of a crime" - and now the venture capitalist is pursuing legal action, suing police and prosecutors for £20million, according to the Scottish Sun.
The Scottish Sun claim that Green ordered Stirling Park sheriff officers to serve papers to the Crown Office and Police Scotland.
Speaking to The Scotsman the Crown Office and Procurator Fiscal Service (COPFS) confirmed that "legal proceeding have been intimated."
They added: "It would not be appropriate to comment further at this time."
Police Scotland also released a statement confirming the move by Green.
They said: "Police Scotland can confirm legal proceedings have been intimated. It would not be appropriate to comment further."