Joey Barton has protested his innocence after allegedly clashing with Barnsley manager Daniel Stendel on Saturday.
Barton was at the centre of a police investigation after an incident in the tunnel at Oakwell after the League One game between Barnsley and Fleetwood Town at the weekend.
Barnsley striker Cauley Woodrow tweeted that Fleetwood boss Barton allegedly confronted Reds manager Daniel Stendel following the game.
The tweet has since been deleted but South Yorkshire Police confirmed they had arrested a man on suspicion of racially aggravated public order offence and racially aggravated assault, and bailed him until May.
In a statement on the Fleetwood website, Barton said: "With regards to the alleged incident on Saturday following our game against Barnsley, I emphatically deny the allegations made.
"Given this matter has not been formally closed, it would be inappropriate for me to make any further comment."
A statement from South Yorkshire Police read: "A man arrested on suspicion of racially aggravated public order offence and racially aggravated assault, in connection to an incident at Barnsley Football Club on Saturday 13 April, has been bailed until next month.
"Officers investigating the incident would be keen to speak to anyone who may have caught the incident on camera or who may have mobile phone footage immediately before or after the incident occurred."
Barnsley announced on Tuesday that they had lodged formal complaints with both the English Football League and the Football Association over the alleged incident after the match.
Police said inquiries into the incident are ongoing and asked people to refrain from speculation that could potentially harm their investigation.
Barnsley, who sit second in the League One table, beat Fleetwood 4-2 on Saturday to move two points ahead of Sunderland, having played a game more.
They host Shrewsbury tomorrow, while the Black Cats entertain Doncaster.
Sunderland are due to face Barton's Fleetwood on Tuesday, April 30.