The Police Service of Northern Ireland confirmed on Tuesday that three men - two aged 24 and one aged 23 - were arrested on June 30 over allegations of sexual offences reported to have taken place at a property in south Belfast on June 28.
The men were interviewed and released from police custody.
The Ulster Rugby Football Union (URFU) confirmed that Jackson, 24, and Olding, 23, had been assisting the police with enquiries.
"The players deny any wrongdoing and have not been charged with any offence," an URFU spokesman said, adding that no charges had been brought.
Belfast-based KRW Law, which is representing Jackson, said he "rejects completely any allegations made against him" and that he was co-operating fully with the police.
The firm said the fact the allegations had been leaked to the press "has the potential to be prejudicial to our client’s interests" and asked the media to refrain from any "damaging speculation".
Jackson, who has played 16 tests for his country, was not included in the Ireland squad to face New Zealand this Saturday in Chicago for what the Irish Rugby Football Union described as "personal reasons".
Olding, who has represented his country four times, is currently out of action with a hip injury.
(Reporting by Amanda Ferguson; Editing by Conor Humphries and Ed Osmond)
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