City of London Police, the agency which investigates financial crime, did not identify any of those arrested except to say they were aged 69, 60, 55, 48 and 30.
The men were arrested on suspicion of conspiracy to defraud and false accounting. Eight locations across Britain were searched.
"Five men have been arrested on suspicion of conspiracy to defraud and false accounting as part of an ongoing investigation into football corruption," the City of London Police said.
In July, police searched the offices of Premier League sides Newcastle and Portsmouth and Scottish club Rangers, along with the homes of two people, as part of the investigation. Tottenham defender Pascal Chimbonda was also questioned.
English soccer finances have been under the spotlight over the past two years. The Premier League instigated an inquiry in March 2006 after media allegations that managers, players or agents had been taking kickbacks from transfers.