The 20-year-old was arrested on suspicion of rape, sexual assault, threats to kill and assault of his girlfriend following posts, including images and a voice note, on social media.
Greenwood has been suspended by Man United and will not train or represent the club in matches for the foreseeable future while investigations take place.
The forward spent a third night in a cell on Tuesday but was released from custody this morning.
"A 20-year-old man arrested on suspicion of the rape and assault of a woman has been released on bail pending further investigation," read a statement from the Greater Manchester Police.
On Tuesday, Man United released a fresh statement after it was revealed that the youngster had been further arrested on suspicion of sexual assault and threats to kill.
The England international has made 129 appearances for the Red Devils since breaking into the first team, netting 35 times and contributing 12 assists in the process. body check tags ::