Angel María Villar Llona was arrested on suspicion of embezzling funds, El Pais and Efe news agency reported.
Mr Villar, a former Spain international footballer, has been president of the association since 1988.
Spain’s High Court told Reuters that one of its investigating magistrates and anti-corruption prosecutors were leading the probe.
According to Spanish media, the allegations centre on the falsification of documents and skimming profits from international football matches.
Par: Partick Hangue
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