When contacted by International Adviser, a spokesperson for the UK taxman said that HMRC would not confirmed names or locations.
However, the two football clubs were widely named in various media reports.
Newcastle managing director Lee Charnley is understood to be among those arrested.
The news will undoubtedly come as a blow to the Magpies, who secured a return to the English Premier League on Monday.
Records seized
HMRC confirmed that it has “arrested several men working within the professional football industry for a suspected income tax and national insurance fraud”.
“180 HMRC officers have been deployed across the UK and France today. Investigators have searched a number of premises in the north-east and south-east of England and arrested the men and also seized business records, financial records, computers and mobile phones.
“The French authorities are assisting the UK investigation, have made arrests and several locations have been searched in France.
“This criminal investigation sends a clear message that, whoever you are, if you commit tax fraud you can expect to face the consequences. As this is an ongoing investigation HMRC is unable to provide any further detail at this time.”
