Neil and Christine Hamilton are reportedly thinking of suing Scotland Yard for unlawful arrest over their alleged rape allegations.
The couple say they are also considering bringing a case for wrongful imprisonment after being questioned about the alleged sex attack on a 28-year-old woman.
Outside the couple's flat in Battersea, south-west London, on Sunday Mr Hamilton angrily denounced the police decision to arrest him and his wife Christine as a "public scandal".
The Hamiltons' solicitor, Michael Coleman, is quoted as saying: "We will be looking at whether the police acted in good faith.
"If they didn't, we will be looking into bringing an action for unlawful arrest and wrongful imprisonment.
"In the extraordinary circumstances of this case we would hope that the courts would measure their disquiet in an appropriate award of damages."
Scotland Yard said it could not comment on the case.
"It would be inappropriate to discuss any details during an ongoing investigation," a spokeswoman said.
Mr Hamilton said it was now clear that claims made by a young woman that they had committed a serious sexual assault had been a "complete tissue of lies and fabrications".
"The mystery is that the police have taken them seriously enough to arrest two totally innocent people before they have heard their side of the story," he added.