In a statement, the Met Police said the 41-year-old man arrested on Thursday will face no further enquiries having been released.
On Friday, Eric Bellquist released a statement through his lawyers saying he had "irrefutable proof" he was in the USA at the time.
After the May 5 incident, the bus stopped, while passengers climbed off to help the woman.
This afternoon, Metropolitan Police announced Mr Bellquist had been eliminated from the investigation, while the hunt for the jogger continues.
The video shows the 33-year-old woman, who was not identified, falling to the pavement and the bus quickly swerving to avoid her head.
MET POLICEPolice are looking for this man in connection with the incident on Putney Bridge
Bellquist works for Hutton Collins Partners, which owns restaurant chains, and sits on the chains' boards as a non-executive director. His lawyers are saying that their client has been wrongly implicated in the crime.
As reported by the Evening Standard it was the quick reflexes of the London bus driver that saved the life of the woman after she was pushed into traffic by the jogger.
The jogger is described as a white man, aged in his early- to mid-30s, with brown eyes and short brown hair.
He was wearing a light grey t-shirt and dark blue shorts.
Some 15 minutes later, the suspect passed his victim again on the bridge, going the other way.
In the meanwhile, since #London Police released the dramatic CCTV footage, they have reportedly received excellent feedback from the public.
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