A man has been arrested following alleged homophobic abuse of Wanderers keeper Ryan Allsop and referee John Busby during, Wycombe's League One match at away to Tranmere on Sunday.
A 24-year-old from Tranmere has been questioned by Merseyside Police.
It is understood 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."
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."
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