The probe by the ICC's anti-corruption and security unit (ACSU) was triggered in response to a report by the Sun newspaper, which claimed it had evidence showing bookmakers knew details of the Pakistan innings before the Sept 17 match had begun.
A statement from the ICC today read: "Following extensive investigations into allegations about the one-day international between England and Pakistan at The Oval in London on 17 September, the ACSU has verified all the available information and concluded that there was no compelling evidence to suspect individual players or support staff.
"The investigation is now complete but if new and corroborating evidence comes to light then clearly the ACSU will re-open the matter."
Pakistan won the match by 23 runs following a batting collapse sparked by a stellar spell of bowling by Umar Gul.
"I had always said we played fairly and I had full confidence in my players, I am happy our position has been vindicated," Shahid Afridi, the Pakistan captain, said.
"We tried to remain focused on the cricket in England and won two matches in the one-day series. I am happy this issue is now behind us and we can now concentrate on the series against South Africa," he said.
Coach Waqar Younis said it was high time Pakistan cricket got some good news.
"The news of the investigation was disturbing so I am happy it is over now," he added.
After the match, Pakistan Cricket Board president Ijaz Butt accused Andrew Strauss' team of accepting money to lose it, accusations he withdrew when the England and Wales Cricket Board threatened legal action.
The investigation came amid a difficult tour for Pakistan which saw three of their players - Salman Butt, Mohammad Amir and Mohammad Asif - suspended by the ICC following accusations of spot-fixing in the Lord's Test.
The three players, who deny any wrongdoing, have appealed their provisional suspensions, and an independent hearing will take place in Doha on Oct 30 and 31.
The ICC have now give the PCB 30 days to conduct a review into player integrity.
The statement continued: "If the PCB fails to carry out the above to the satisfaction of the board within the next 30 days, the board will consider what further action (including, if appropriate, sanctions) is required in the circumstances."
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