The pair had been accused of making dishonest representations to induce investor Glenn Melcheck and his wife to pay $1.95 million for a 50 per cent stake in their sports merchandise company in 2008.
After being introduced in late 2007 by a third party, the Brooks and the Melchecks held a series of meetings before signing an agreement in January 2008.
Days later, the Melchecks paid a $50,000 deposit before the now-defunct company collapsed within months.
In Brisbane District Court on Wednesday, prosecutors told Judge Anthony Rafter they would not proceed with the case, effectively ending the prosecution.
The Brooks' lawyer Daniel Hannay said they were finally vindicated after almost a decade.
"We had a facetime discussion last night – where I gave them the good news, they were both overseas," he said in a statement.
"There were lots of tears – but not many words. They are both ecstatic that the matter is finally over, and they can move on with their lives."
The Brooks were charged in 2017 and during the proceedings, the court heard about alleged relationships with major European football clubs, including Chelsea, Arsenal and Manchester United.
Prosecutors had alleged the couple, as directors of the company, made misleading claims about the business's success and prospects to induce the investment.
Brooks won gold at the 1980 Moscow Olympics and was part of Australia's famed "Mean Machine" relay team before going on to work as a television presenter.
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