Former Rangers chief executive Charles Green is suing police and prosecutors over his 'wrongful arrest'.
The businessmen, 65, was originally accused of breaking the law in relation to his £5.5million purchase of the football club from Craig Whyte in 2012.
In February last year it was reported that Mr Green and finance chief Imran Ahmad would face no further proceedings in connection with the club fraud and conspiracy case as prosecutors said there was "now no evidence of a crime".
The decision marked the end of the two-and-a-half-year long proceedings, which saw only Craig Whyte face trial and has led to no convictions.
Read more: Ex-Rangers execs Charles Green and Imran Ahmad finally in the clear as club takeover fraud case ends
The original 15 charges in the Rangers case had covered fraud and conspiracy surrounding Mr Whyte's purchase of Rangers from Sir David Murray for £1 in 2011 and the buying of the club's liquidated assets for £5.5 million by the Sevco consortium four months after the business fell into administration in February 2012.
Mr Green will now seek £20million in damages, according to The Scottish Sun.
The newspaper reported that Mr Green instructed sheriff officers to serve papers to Police Scotland and the Crown Office last week.
Legal chiefs confirmed to the Herald that legal proceedings had been "intimated".
A spokesperson for the The Crown Office and Procurator Fiscal Service added: "It would not be appropriate to comment further at this time."
A Police Scotland spokesperson said: "Police Scotland can confirm legal proceedings have been intimated.
"It would not be appropriate to comment further."
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