Former Tory MP Harvey Proctor has been told he will face no further action over Scotland Yard's investigation into historical VIP abuse claims.
The 69-year-old was twice interviewed under caution as part of Operation Midland, and has consistently denied any wrongdoing, claiming he was the victim of a homosexual witchunt.
He said: "I have been advised that the Metropolitan Police Service has informed my solicitors that they intend to take no further action with regard to my involvement with Operation Midland."
The development comes amid mounting speculation that the Met is poised to announce the winding-up of the hugely controversial investigation, which was launched in November 2014.
Mr Proctor called for Scotland Yard boss Sir Bernard Hogan-Howe and a string of senior officers to resign over the heavily-criticised probe, which cost £1.8 million up to November 2015.
The investigation, looking at claims that boys were sexually abused by a number of public figures more than 30 years ago, saw raids on the homes of 92-year-old D-Day veteran Lord Bramall and the late Lord Brittan.
It centred on allegations by a man known as "Nick", and was also looking into the alleged murder of three young boys. At one point a detective described Nick's account as "credible and true".
The inquiry came under intense scrutiny after the Met announced that Lord Bramall would face no further action over historical child abuse allegations.
The development sparked calls for police to offer an apology to the former armed forces chief - which Scotland Yard refused - and prompted questions over the veracity of Nick's claims.
Mr Proctor said: "I believe Operation Midland should now be the subject of a truly independent public inquiry. I consider that Sir Bernard Hogan-Howe, (Assistant Commissioner) Pat Gallan, (Deputy Assistant Commissioner) Steve Rodhouse and (Detective Superintendent) Kenny MacDonald should tender their resignations from the Metropolitan Police Service forthwith."