The 47-year-old Frenchman, who retired as a player in 1997, was detained near Regent's Park in London, Sky News says.
Police refused to confirm the identity of the man but said in a statement they had arrested a male in his mid-40s.
"He was taken into custody and subsequently cautioned for common assault," a spokeswoman said, adding that the male victim did not require medical attention.
No further details were immediately available.
Cantona could not be reached for comment when contacted via his agent by Reuters.