The club are bottom of the league, have already been docked three points for failing to pay their players on time and are on the brink of having to stop playing.
Manenti???s arrest comes as Parma prepare to face a bankruptcy hearing on Thursday that could result in it being wound up and prevented from completing the rest of their Serie A fixtures.
Prosecutors are due to give further details of the charges against Manenti later on Wednesday but with former president Tommaso Ghirardi and club official Pietro Leonardi both given four-month bans by league disciplinary officials on Friday, things continue to go from bad to worse for the financially-stricken club.
The club have been offered a lifeline by the Italian professional football league (Lega), which has offered to lend them ??3.62m (5m euros) to see out the rest of the season.
It is uncertain, however, that this will be regarded as sufficient with Parma said to be ??72.3m (100m euros) in debt with some ??12.3m (17m euros) owed to tax authorities.
If Parma do drop out of this season’s league, all previous results stand and future results are recorded as a 3-0 win to the opposition.