The Crown Prosecution Service has said no further action will be taken against two individuals regarding allegations of money laundering.
The cases arose as part of Operation Weeting, the Metropolitan Police's investigation into phone hacking.
There are reports that further details of phone hacking could emerge at the High Court this morning ahead of a Commons vote on press regulation.
The Independent has reported that a 'supergrass' will reveal 800 new victims of phone hacking at the News of the World.
The paper claims that officers believe they have, "discovered evidence of a widespread but previously unknown conspiracy centred on the News of the World features desk."
The Crown Prosecution Service (CPS) said it has droppws charges against a journalist investigated over phone hacking.
In a statement, the CPS said: "Having carefully considered the matter, the CPS has concluded that there is insufficient evidence for a realistic prospect of conviction in relation to that journalist."
Another journalist remains under investigation.
Former News of the World Deputy Editor Neil Wallis took to Twitter to say that he is the journalist who will not now face charges:
A journalist arrested during a new police investigation into phone hacking has been released on bail, police said.
The 39-year-old man was arrested in Greenwich over a suspected conspiracy that took place between around 2005 and 2006.
He will answer bail in May, pending further inquiries, Scotland Yard said.
The man was one of six former News of the World journalists arrested yesterday as part of a new line of inquiry that is separate from allegations under the existing Scotland Yard investigation into phone hacking called Operation Weeting.
They have all now been bailed until mid-May.
In an internal email, News International boss Mike Darcey, said he shared colleague's concerns about today's arrests.
Because this now means that with all the phone-hacking investigations, the computer hacking, illegal payment to officials, more than 100 people have now been arrested. More of half of them are journalists.
This is a new twist in the phone hacking investigation. The police have already made arrests and some charges like Rebecca Brooks and Andy Coulson on phone hacking.
But today they made clear that this is a new inquiry into the separate phone hacking allegations from 2005 and 2006.
So there are potentially new victims out there that don't know that there phones have been hacked and the police are now going to be in contact with them.
The six people arrested today are all former News of The World journalists .
Former head of features, Jules Stenson, former showbiz columnists Rav Singh and Polly Graham, Matt Nixson and two journalists - who now work for The Sun - Jane Atkinson and Rachel Richardson.Tonight, Scotland Yard said that five of the six people arrested have been released on bail.
Five people arrested on suspicion of phone hacking have been released on police bail, Scotland Yard has said.
The individuals had been interviewed at various police stations in London and Cheshire and searches were carried out at a number of addresses, the force added. A 39-year-old man arrested in Greenwich remains in police custody.
A Met spokesman said: "In due course officers will be making contact with people they believe have been victims of the suspected voicemail interceptions."
Six former News of the World journalists have been arrested under a new police investigation into phone hacking. Three men and three women were all held today under a suspected conspiracy, that took place around 2005 and 2006.
They are understood to be Jules Stenson, Matt Nixson, Rav Singh, Jane Atkinson, Polly Graham and Rachel Richardson. Ms Richardson and Ms Atkinson both work for The Sun.
The arrests, five in London and one in Cheshire, were made as part of a new line of inquiry that is separate from allegations under the existing Scotland Yard investigation into phone hacking called Operation Weeting.
The significance of the new phone hacking arrests is that police say these are new allegations with possibly new victims, separately from the ones already being investigated.
An internal message has been sent to News International employees confirming that two of those arrested are journalists currently working for The Sun.
The pair have been provided with lawyers.