The National Crime Agency is looking into Granit Xhaka's yellow card against Leeds in December, after a £65,000 bet was placed on him being booked.
After being alerted to the issue by top bookmakers, the FA conducted a six-month investigation.
In the 86th minute of Arsenal's Premier League match at Elland Road, the 29-year-old was booked for timewasting.
With the Gunners leading 4-1 at the time, Granit Xhaka delayed taking a free kick, earning him a yellow card from referee Andre Marriner.
In the 86th minute, Xhaka was sent off for wasting time.
After a wager of £65,000 was put during the game on his getting booked, bookies were alerted. It netted the bettor £250,000.
There has never been any suggestion that Grani Xhaka or any other Arsenal player did anything wrong, and the investigation did not look into the midfielder's actions.
"This bet was reported to all bookmakers because it was so enormous and it paid out," a betting source told SunSport in January.
"The probe is focused on the bet rather than Granit Xhaka's actions - it's not uncommon for him to be carded."
According to The Mail, the National Crime Agency is looking into the £65,000 investment, which is significantly more than what is typically paid on yellow card bets, and the odds of a booking in the final 10 minutes were higher than they had been before kick-off.
The wager was also placed on a betting exchange, which allows users to place wagers against each other or accept wagers from others.
The FA has also opted not to investigate Granit Xhaka's actions, but has forwarded all relevant information to the National Crime Agency.
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According to reports, the National Crime Agency is investigating a wager on Granit Xhaka's yellow card against Leeds.
In the 86th minute, Xhaka was sent off for wasting time.
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