A man has been arrested following alleged homophobic abuse of the referee during Tranmere's League One match at home to Wycombe on Sunday.
A 24-year-old from Tranmere has been questioned by Merseyside Police.
It is understood Wycombe's Ryan Allsop reported alleged abuse to referee John Busby at half-time, with a further allegation of abuse against the keeper.
In a statement, Tranmere said they take the matter "very seriously" and have a "zero tolerance policy".
Merseyside Police said they are working with both clubs and the Football Association, who is understood to be aware of the incident and will await more information from the referee's report and all parties involved before taking any potential action.
"We're grateful to the player, both clubs and the stewarding staff for intervening and reporting these abhorrent incidents immediately," said chief inspector Jason Crellin.
"We're determined to do all in our powers to identify anyone involved in such offences, and ensure they are put before the courts."
In a post on social media on Monday, LGBT equality charity Stonewall said: "We're glad swift action was taken in addressing the homophobic abuse directed at Ryan Allsop.
"Anti-LGBT language has no place in football or any sports. We all have a part to play to make sport everyone's game."
Stonewall's Rainbow Laces campaign, aimed at tackling homophobia in sport, starts on Friday.
Ainsworth praises 'brave' Allsop
Wycombe boss Gareth Ainsworth praised Allsop for being "brave enough" to report the alleged incident, with the keeper completing the rest of the game.
"Whether it's racist or homophobic, whatever it is, we have to stamp this out," said Ainsworth.
"I have got to credit Ryan Allsop for being brave enough to stand up and say 'I'm reporting this', and I'll stand by him."
Responding to the allegation, Tranmere manager Micky Mellon said: "If people are proven to have done the wrong thing then they will be suitably punished as much as they can be."