The ex-Manchester City and Fulham midfielder, 36, was accused of trying to bribe a former team-mate.
Nigeria-born Etuhu – who also played for Blackburn – was charged with approaching AIK goalkeeper Kenny Stamatopoulos, 39, with the alleged intention of fixing a game in 2017.
The clash was to be against fellow Swedish side IFK Gothenburg.
But the fixture was postponed when Stamatopoulos informed his club about the alleged approach from Etuhu and another man, according to pre-trial documents.
Etuhu denied the charge and said his ex-team-mate must have misunderstood their conversation.
He told a Swedish newspaper: "I respect everyone's opinion, but the facts remain the same – it never happened.
"It's unbelievable than an ordinary conversation with a friend can lead to something like this."
The Stockholm district court heard testimony from Etuhu and Stamatopoulos last week but said there was not enough evidence to warrant a conviction.
Stockholm District Court judge Carl Rosenmuller said it was "words against words" and that Etuhu had "completely denied" proposing to fix any match.
A court judgement read: "To discuss a crime only in general terms is typically not punishable."
If Etuhu had been found guilty then could have faced a maximum prison sentence of six years.
Etuhu represented Nigeria in 2010 World Cup and won 33 caps for his country.
He played for City from 2000 to 2002 before a £300,000 move to Preston North End, where he made 134 appearances.
He later joined Norwich in 2006 before taking in spells at Sunderland, Fulham, Blackburn Rovers, AIK and finally IFK Rossjoholm, also in Sweden.
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