Last month, the BBC learned an undeclared payment of £6,195 was made to Conservative David Mackintosh's party by the director of a company overseeing work at Northampton Town FC.
Northamptonshire Police said the Electoral Commission (EC) was not investigating the payments.
The EC and Mr Mackintosh have been approached for comment.
Mr Mackintosh's local party received the payment for tickets from Howard Grossman, whose company 1st Land was set up to oversee the rebuild of the League Two club's Sixfields stadium.
Three individuals with links to Mr Grossman also paid £10,000 each into Mr Mackintosh's general election fighting fund, but one of the payments - from Gary Robert Platt - was also not declared to the EC.
By law, personal donations of more than £500 and donations to local associations of more than £1,500 must be declared to the EC.
The company 1st Land subsequently went into administration. Work on the stadium remains incomplete and the main contractor is owed £2m.
Mr Mackintosh was leader of the borough council when it approved a £10.25m loan for the Sixfields stadium plans, but millions of pounds of the money is currently unaccounted for.
Police said they are still investigating "alleged financial irregularities" surrounding the council's loan to the club.
A Northamptonshire Police spokesman said: "We have liaised with the Electoral Commission and understand they have considered both the undeclared £10k and the gifted £6,195.‎
"The Electoral Commission are not undertaking an investigation into either of these matters and nor are they referring any suspected criminality to Northamptonshire Police.
"On the basis of the Electoral Commission's position and in the absence of any direct link to the loan made by Northampton Borough Council to Northampton Town FC, we as a force will not be investigating the donations made to David Mackintosh MP".
Suresh Patel, chairman of Northampton South Conservatives, previously told the BBC the Electoral Commission was not informed of the payment by Mr Platt because of an administrative error and he had subsequently done so.
He has declined to comment on the police's latest announcement.
Mr Grossman previously told the BBC in a statement: "Howard Grossman paid £6,195 for tickets to attend an event hosted by Mr Mackintosh as part of his election campaign."
The BBC has been unable to contact Mr Platt.

Alistair Darby, who is currently chief operating officer at Marston's, will take up the top job at M&B in October.
He will become M&B's first permanent chief executive since Adam Fowle resigned back in March 2011.
M&G owns the All Bar One, Harvester, Toby Carvery and O'Neills chains, with more than 1,500 outlets overall.
Mr Alistair Darby will take over the chief executive role from Bob Ivell who has been combining it with his position as chairman on a stand-in basis since October of last year.
Mr Ivell said the appointment of Mr Darby had followed an "extensive and rigorous" search process.
He added: "I am confident that we have secured the right person for the role and that drawing on his wealth of operational and brand experience."
Undeclared payments made to an MP's office by a businessman will not be investigated by police.
[NEXT_CONCEPT]
Pub and restaurant group Mitchells & Butlers (M&B) has appointed the director of a rival company as its new chief executive.