City of London police have confirmed they are investigating allegations of fraud against two football agents.
They have been assisted by the Football Association, in a probe which is completely separate to Lord Stevens' bungs inquiry.
The City of London economic crime department are looking into further allegations of corruption within football after receiving a tip-off from someone inside the game.
The FA confirmed they were aware of the investigation and have been helping the police with their enquiries, passing on relevant information as required.
Although the investigation is only at its earliest stage, the news is bound to come as a shock to football's powerbrokers, who are desperately trying to clean up the game.
'We are currently conducting a limited investigation into the activities of two football agents,' confirmed a spokesman for City of London police.
'It is not appropriate to comment further at this stage but it is not part of the Panorama programme and it is not connected to Lord Stevens' inquiry.'
Officers have spoken to members of Stevens' Quest investigation team, whose own work is continuing, and it is believed documents will be handed over to the police to allow them to proceed with their inquiries.
Having failed to 'name and shame' any guilty parties on Wednesday, despite revealing eight agents had refused to comply with his requests, there has been some scepticism of Stevens' work, with many now feeling only the police and Inland Revenue really have the power to get to grips with the problem.
City of London police have certainly not been scared to investigate major sporting figures, and are responsible for bringing the corruption charges on which leading jockey Kieren Fallon will stand trial in September next year.