The midfielder was bailed along with nine others, including Wayne Rooney's father and uncle, after it was alleged that he deliberately got himself sent off in Motherwell's game against Hearts in December 2010.
"Motherwell Football Club have held discussions with both the Scottish Football Association and Scottish Premier League regarding the Merseyside Police investigation involving our player Steven Jennings," said a club statement.
"The club takes the matter very seriously but notes that our player has been released without charge.
"He remains available for selection and is an important member of our team and club."
Motherwell travel to Hibernian in the SPL on Saturday.